Question: Need the answer for problem: 8 please 8. Recall that M(n) is an estimate of the change in utility from consuming the nth to (n

 Need the answer for problem: 8 please 8. Recall that M(n)is an estimate of the change in utility from consuming the nthto (n + 1)st unit, and U(n + 1) U(n) is theactual change in utility, where U gives the utility. How close is

Need the answer for problem: 8 please

8. Recall that M(n) is an estimate of the change in utility from consuming the nth to (n + 1)st unit, and U(n + 1) U(n) is the actual change in utility, where U gives the utility. How close is the estimate as the ticket consumption increases from 3 to 4? Show your work. Answer: This is the marginal utility function, which should provide an estimate of your values in column C. Write the marginal utility function below. Let's call it M(x) M(x) =-2.4464x+10.9286 Total Utility Tickets Purchased 1 Marginal Utility $8 $10 2 6 3 18 24 28 4 4. 1.5 5 29.5 28 -1.5 -3 6 7 -7 25 18 8 . 2. Recall that marginal utility at ticket n is the change in utility from ticket n to ticket n + 1. Using the appropriate formula in the spreadsheet mode, calculate the remaining values in column C. Type these values in the table above. Since we are not considering 9 visits to the museum, we don't have the data to calclulate the marginial utility at 8 visits. 8. Recall that M(n) is an estimate of the change in utility from consuming the nth to (n + 1)st unit, and U(n + 1) U(n) is the actual change in utility, where U gives the utility. How close is the estimate as the ticket consumption increases from 3 to 4? Show your work. Answer: This is the marginal utility function, which should provide an estimate of your values in column C. Write the marginal utility function below. Let's call it M(x) M(x) =-2.4464x+10.9286 Total Utility Tickets Purchased 1 Marginal Utility $8 $10 2 6 3 18 24 28 4 4. 1.5 5 29.5 28 -1.5 -3 6 7 -7 25 18 8 . 2. Recall that marginal utility at ticket n is the change in utility from ticket n to ticket n + 1. Using the appropriate formula in the spreadsheet mode, calculate the remaining values in column C. Type these values in the table above. Since we are not considering 9 visits to the museum, we don't have the data to calclulate the marginial utility at 8 visits

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!