Assignment #4

Assignment #4 - Name_ Student ID_ Econ 003: Microeconomics...

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Name___________________________________ Student ID_______________________________ Econ 003: Microeconomics Assignment # 04 Choose the one alternative that best completes the statement or answers the question. 1. The term ‘marginal utility’ of a good refers to A. Total utility a consumer derives from consuming the good. B. Total utility a consumer derives from consuming all the goods. C. Additional utility a consumer derives from an extra unit of the good, consumption of other goods remaining the same. D. Additional utility a consumer derives from extra units of all goods. 2. Other things remaining the same, when the consumer gets more quantities of a good: A. Total utility declines. B. Total utility rises but marginal utility declines. C. Both total and marginal utility rise. D. Both total and marginal utility decline. 3. A consumer receives 20 units of utility from consuming 2 units of a good and 25 units of utility from consuming 3 units. Then the marginal utility of the third unit
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Assignment #4 - Name_ Student ID_ Econ 003: Microeconomics...

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