10 questions
The table shows the dollar value of the total benefit Edward receives from buying various quantities of volleyballs. What is the marginal benefit received from buying the 3rd volleyball?
$20
$30
$35
$125
Which of the following is true if consuming one unit of a good yields 100 utils and consuming the second unit of the good increases satisfaction by 20 utils?
The total utility of consuming two units is 120
The marginal utility of the first unit is 20
The marginal utility of the second unit is 120
The marginal utility of the second unit is 80 utils
Butch is currently spending his entire lunch budget on 3 sodas and 4 hot dogs. At his current level of consumption, his marginal utility for sodas is 5 utils and his marginal utility for hot dogs is 10 utils. In order to maximize his total utility, Butch should:
Consume more sodas & fewer hot dogs regardless of prices
Consume more hot dogs & fewer sodas regardless of prices
Maintain current consumption if sodas are $1 each and hot dogs are $2 each
Maintain current consumption if sodas are $2 each and hot dogs are $1 each
Which one of the following statements about maximizing consumer utility between the purchase of two different goods is true?
The marginal utility of the last two units of each good consumed should be equal
The marginal utility per dollar of the last two units of each good consumed should be equal
The marginal utility per dollar of the last two units of each good consumed should be zero
The price per unit of each good consumed should be equal