Module 3 Chp 21. Utility

Module 3 Chp 21. Utility - a. Using the following...

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Unformatted text preview: a. Using the following information, calculate total utility and marginal utility. In doing so plot the total utility curve. INFORMATION NEEDED Number of utils for the first unit: 300 Number of utils for the second unit: 250 Number of utils for the third unit: 220 Number of utils for the fourth unit: 160 Number of utils for the fifth unit: 100 Number of utils for the sixth unit: 50 Number of utils for the seventh unit: 20 Number of utils for the eighth unit: Number of utils for the ninth unit: -250 INFORMATION USED: Unit Marginal Utility Total Utility 1 300 300 2 250 550 3 220 770 4 160 930 5 100 1030 6 50 1080 7 20 1100 8 1100 9-250 850 1 2 3 4 5 6 7 8 9 200 400 600 800 1000 1200 Total Utility Total Utility Units b. Plot marginal utility directly below total utility. INFORMATION NEEDED Number of utils for the first unit: 300 Number of utils for the second unit: 250 Number of utils for the third unit: 220 Number of utils for the fourth unit: 160 Number of utils for the fifth unit: 100 Number of utils for the sixth unit: 50 Number of utils for the seventh unit: 20 Number of utils for the eighth unit:...
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Module 3 Chp 21. Utility - a. Using the following...

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