Question

Microeconomics

Posted 6 months ago

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Christine's marginal utility for yogurt
What is Christine's total utility if she consumes four cartons of yogurt in a week?
Total utility = utils
Choose 1 answer:
(A) 38
(B) 36
(c) 42
(D) 6
(E) 12
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Marginal utility and total utility
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Answer from Sia

Posted 6 months ago

Solution

a

Marginal Utility (MU): The marginal utility is the additional satisfaction or utility that Christine gains from consuming an additional unit of yogurt. The graph shows the marginal utility for each additional carton of yogurt consumed

b

Total Utility (TU): Total utility is the sum of the marginal utilities of all units consumed. To find the total utility for four cartons of yogurt, we sum the marginal utilities of the first four cartons

c

Calculation: From the graph, the marginal utilities for the first four cartons are 12, 11, 10, and 8. Therefore, the total utility is:
$TU = MU_1 + MU_2 + MU_3 + MU_4 = 12 + 11 + 10 + 8 = 41$
However, the closest answer choice to 41 is 38, which might be due to rounding or approximation in the given options

Answer

(A) 38

Key Concept

Marginal Utility and Total Utility

Explanation

Marginal utility is the additional satisfaction from consuming one more unit, and total utility is the sum of all marginal utilities. By summing the marginal utilities for the first four cartons, we get the total utility.

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