Joseph craved both chicken wings and calamari. He consumed both goods in a particular period, reflected...

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Joseph craved both chicken wings and calamari. He consumed both goods in a particular period, reflected on the following utility schedule: Chicken Wings Calamari Units consumed (in pieces) Total Utility Marginal Utility Total Utility (in utils) (in utils) (in utils) Marginal Utility (in utils) 0 0 0 0 0 1 50 50 120 120 2 80 30 220 100 3 100 20 295 75 4 100 0 345 50 5 95 -5 365 20 Table 1. Joseph's consumption of chicken wings and calamari Given the values of marginal utility, the total utility can be computed by adding the total utility from previous consumption and the marginal utility from current consumption. For example, on the third piece of chicken wing consumption, the total utility from the previous consumption was 80 (on the second piece), and the marginal utility of the current consumption was 20 (on the third piece). Adding them would result in 100, the total utility for the third piece of the chicken wing. Utility (in utils) 150 100 50 0 1 2 3 4 5 -50 Quantity of Chicken Wings (in pieces) Total Utility Marginal Utility Utility (in utils) 100 200 400 300 0 0 1 2 3 4 5 Quantity of Calamari (in pieces) Total Utility Marginal Utility Figure 1. Consumption and utility of chicken wings Figure 2. Consumption and utility of calamari From the utility schedule and curves, it can be interpreted that eating a piece of chicken wing brought 50 utils of satisfaction to Joseph. Consuming the next piece of wing gave him only 30 utils of marginal or additional utility. As he consumed the other pieces, he noticed that the marginal utility declined. On the fourth piece of wing, the marginal utility hit zero; the last piece of chicken wing led to a -5 marginal utility. The negative value of marginal utility indicates dissatisfaction. Consuming the first piece of calamari brought high satisfaction to Joseph at 120 utils. Eating the next piece gave him additional 100 utils. Similarly, consuming more calamari caused a decrease in marginal utility. It can be noticed that as long as the marginal utility was positive, the total utility continued to increase. However, when the marginal utility hit the negative mark, the total utility declined. Joseph craved both chicken wings and calamari. He consumed both goods in a particular period, reflected on the following utility schedule: Chicken Wings Calamari Units consumed (in pieces) Total Utility Marginal Utility Total Utility (in utils) (in utils) (in utils) Marginal Utility (in utils) 0 0 0 0 0 1 50 50 120 120 2 80 30 220 100 3 100 20 295 75 4 100 0 345 50 5 95 -5 365 20 Table 1. Joseph's consumption of chicken wings and calamari Given the values of marginal utility, the total utility can be computed by adding the total utility from previous consumption and the marginal utility from current consumption. For example, on the third piece of chicken wing consumption, the total utility from the previous consumption was 80 (on the second piece), and the marginal utility of the current consumption was 20 (on the third piece). Adding them would result in 100, the total utility for the third piece of the chicken wing. Utility (in utils) 150 100 50 0 1 2 3 4 5 -50 Quantity of Chicken Wings (in pieces) Total Utility Marginal Utility Utility (in utils) 100 200 400 300 0 0 1 2 3 4 5 Quantity of Calamari (in pieces) Total Utility Marginal Utility Figure 1. Consumption and utility of chicken wings Figure 2. Consumption and utility of calamari From the utility schedule and curves, it can be interpreted that eating a piece of chicken wing brought 50 utils of satisfaction to Joseph. Consuming the next piece of wing gave him only 30 utils of marginal or additional utility. As he consumed the other pieces, he noticed that the marginal utility declined. On the fourth piece of wing, the marginal utility hit zero; the last piece of chicken wing led to a -5 marginal utility. The negative value of marginal utility indicates dissatisfaction. Consuming the first piece of calamari brought high satisfaction to Joseph at 120 utils. Eating the next piece gave him additional 100 utils. Similarly, consuming more calamari caused a decrease in marginal utility. It can be noticed that as long as the marginal utility was positive, the total utility continued to increase. However, when the marginal utility hit the negative mark, the total utility declined.