Homework #4 1. Refer to Table 6.2, which shows the total utility derived from th

Question

Homework #4 1. Refer to Table 6.2, which shows the total utility derived from the consumption of a good. The first column of the table shows the number of units of the good consumed in a day, and the second column of the table shows the total utility derived from that consumption. Calculate marginal utility Table 6.2 Units Consumed 0 Total Utilit 0 30 65 85 89 Marginal Utilit 2. Complete the following table, assuming that each unit of labor costs $75 per day Quantity of Output per Fixed CostVariable Total CostMarginal (TC Cost (MC) Labor per Day (FC) Cost (VC) 0 $350 $75 150 5 15 18 20 $450 525 600 300

Explanation / Answer

1.

2.

Units consumed TU MU = TU /Units consumed 0 0 1 30 30 2 65 35 3 85 20 4 89 4 5 88 -1

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