Question: The table below shows how Brett's utility increases as the number of avocados he consumes (per month) increases. Brett's utility is measured in utils, a
.png)
a. Plot Brett's total utility on a scale diagram, with utils on the vertical axis and the number of avocados (per month) on the horizontal axis.
b. Compute the marginal utility for each avocado and fill in the table.
c. Plot the marginal utility on a scale diagram, with utils on the vertical axis and the number of avo cados (per month) on the horizontal axis. (Make sure to plot marginal utility at the midpoints between units.)
d. Explain why it is reasonable that Brett's utility increases by smaller and smaller amounts for each successive avocado consumed.
Avocados Total Utility Marginal Utility in utils) (in utils) Zero First Second Third Fourth Fifth Sixth Seventh Eighth 100 185 245 285 315 335 345 350
Step by Step Solution
3.38 Rating (164 Votes )
There are 3 Steps involved in it
a The appropriate diagrams for a and c are shown below The horizontal scales for both diagrams are t... View full answer
Get step-by-step solutions from verified subject matter experts
Document Format (1 attachment)
702-B-E-D-S (1326).docx
120 KBs Word File
