Asked by Eskarlin Sanchez on Jun 12, 2024
Verified
If the total utility from consuming six units of a product is 43 and the marginal utility of a seventh unit is 6, then the total utility from consuming seven units would be
A) 37.
B) 49.
C) 7.
D) 42.
Total Utility
The overall satisfaction or fulfillment a consumer receives from consuming a given quantity of goods and services.
Marginal Utility
This refers to the additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service.
Seventh Unit
Refers to the specific instance or item in a sequence or set, used here as a way to denote its particular position.
- Decode the dynamics between total utility, marginal utility, and the notion of consumer equilibrium.
Verified Answer
NK
Natalie KocinasJun 15, 2024
Final Answer :
B
Explanation :
Total utility from consuming seven units is the sum of the total utility from consuming six units (43) and the marginal utility of the seventh unit (6), which equals 49.
Learning Objectives
- Decode the dynamics between total utility, marginal utility, and the notion of consumer equilibrium.