The payment for the use of a resource in an amount higher than the resource\'s o

Question

The payment for the use of a resource in an amount higher than the resource's opportunity cost is an irrational economic concept. economic rent. O a proprietorship reinvestment. QUESTION 25 Quantity Week Michelle Robert David Lauren 1000 1900 120 180 240 300 130 147 194 310 372 414 5200 770 According to the above table, what is Robert's marginal utility of the 5th unit? O 500 O 4500 O 600 O 60 QUESTION 26 The theory of consumer choice assumes that consumers attempt to maximize a. marginal utility O b. average utility O c, total utility o d. the difference between total utility and marginal utility

Explanation / Answer

a) "B"

Economic rent is the payment for the use of resources when the resource amount is higher than the opportunity cost.

b) 600.

Roberts marginal utility from the fifth product is 600. (change in the total utility/change in the quantity).

c) "A"

Marginal utility.

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