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The table below shows the utility schedule for a consumer of candy bars.

Candy bars consumed : 0 - 1 - 2 - 3 - 4 - 5 - 6 - 7

Total utility:                 0 - 5 - 9 - 12 - 14 - 15 - 15 - 13 

Marginal utility becomes negative with the consumption of the:

a. second bar

b. fifth bar

c. sixth bar

d. seventh bar

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Joshua Stredder
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5 Mar 2021

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Related questions

11. A dehydrated person has two glasses of water. Compared with the person's first glass of water, total utility after the second glass will:

a)

 increase and marginal utility will decrease.

b)

 decrease and marginal utility will decrease.

c)

 increase and marginal utility will increase.

d)

decrease and marginal utility will increase.

14. Jenn's marginal utility of the last candy bar consumed is 8 and her marginal utility of the last smoothie consumed is 20. If candy bars cost $2 and smoothies cost $4, which statement is true according to the utility maximization rule?

a)

 Jenn is maximizing her utility.

b)

 Jenn must consume more candy bars and less smoothies to maximize utility.

c)

 Jenn must consume more smoothies and less candy bars to maximize utility.

d)

Jenn must consume less of both candy bars and smoothies to maximize utility.

17. Which of these is not an example of a sunk cost that is subject to poor economic decision making?

a)

 a new laptop that you purchased for school

b)

 an appraisal fee to determine the value of a house you are thinking of buying

c)

 tuition that you paid for an economics course

d)

 a registration fee for a local 10K race

12 The table below shows the quantities of toffee bars and bags of cashews that a consumer could consume over a l-week period. Toffee (bars) Cashews (bags) Total Total Units Marginal Utility Utility Marginal Utility Utility 10 10 28 18 10 22 35 23 29 26 5 2 6 0 37 17 0 27 | 0 | 27 TABLE 6-1 18) Refer to Table 6-1. If the prices of toffee bars and bags of cashews are both $1 and this consumer has $7 per week to spend on these two snacks, how many of each will he/she purchase to maximize utility? A) 2 toffee bars and 5 bags of cashews B) 3 toffee bars and 4 bags of cashews C) 4 toffee bars and 3 bags of cashews D) 5 toffee bars and 2 bags of cashews E) 6 toffee bars and 1 bag of cashews

Number of Units Toffee (bars) Marginal Total Utility Utility Cashews (bags) Marginal Total Utility Utility TABLE 6-1 15) Refer to Table 6-1. If the prices of toffee bars and bags of cashews are both $1 and this consumer has $7 per week to spend on these two snacks, how many of each will he/she purchase to maximize utility? A) 2 toffee bars and 5 bags of cashews. B) 3 toffee bars and 4 bags of cashews. C) 4 toffee bars and 3 bags of cashews. D) 5 toffee bars and 2 bags of cashews. E) 6 toffee bars and 1 bag of cashews.

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