7
answers
0
watching
306
views
20 Sep 2018
45) Diminishing marginal utility means that A) the utility from eating two hamburgers will be more than twice the utility from eating the first one. B) Ralph will enjoy his second hamburger less than the first one. C) hamburgers seem smaller as you eat more of them. D) the utility from one hamburger is greater than the utility from two hamburgers. E) the price of two hamburgers is less than twice the price of one.
45) Diminishing marginal utility means that A) the utility from eating two hamburgers will be more than twice the utility from eating the first one. B) Ralph will enjoy his second hamburger less than the first one. C) hamburgers seem smaller as you eat more of them. D) the utility from one hamburger is greater than the utility from two hamburgers. E) the price of two hamburgers is less than twice the price of one.
larryrambo777Lv10
19 Mar 2023
Already have an account? Log in
Patrina SchowalterLv2
20 Sep 2018
Already have an account? Log in
Related textbook solutions
Related questions
You can only consume two goods: hamburgers and smoothies. The price of each hamburger is $2.00 and the price of each smoothie is $1.00 and you have only $11 dollars to spend.
A. How do you allocate your budget? (What would you buy first, second, or last). Use the table below to make your calculations. Please show your work.
B. What would be the TOTAL UTILITY you obtain from your purchase? (Show your calculations)
C. Define the Law of Diminishing Marginal Utility. How can it be explained by looking at the table below?
Ā
|
Hamburgers $2each |
Ā | Ā | Ā |
Smoothies $1 each |
Ā | Ā | Ā |
|
Qd |
Total Utility |
MU |
MU/Ph |
Qd |
Total Utility |
MU |
MU/Ps |
|
1 |
45 |
Ā |
Ā |
1 |
25 |
Ā |
Ā |
|
2 |
85 |
Ā |
Ā |
2 |
45 |
Ā |
Ā |
|
3 |
120 |
Ā |
Ā |
3 |
60 |
Ā |
Ā |
|
4 |
150 |
Ā |
Ā |
4 |
70 |
Ā |
Ā |
|
5 |
175 |
Ā |
Ā |
5 |
77.5 |
Ā |
Ā |
|
6 |
195 |
Ā |
Ā |
6 |
82.5 |
Ā |
Ā |
