ECO100Y5 Lecture Notes - Lecture 6: Demand Curve, Budget Constraint, Ice Cream Cone
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1. Total and marginal utility
Alyssa enjoys eating ice cream cones. The following table contains information on Alyssa's utility from ice cream each week.
Fill in the two missing cells of the table.
Ice Cream |
Total Utility |
Marginal Utility |
---|---|---|
(Cones) |
(Utils) |
(Utils per cone) |
0 | 0 | Ā |
60 | ||
1 | 60 | |
50 | ||
2 | Ā | |
40 | ||
3 | 150 | |
Ā | ||
4 | 180 | |
20 | ||
5 | 200 | |
10 | ||
6 | 210 | |
Ā |
On the following graph, use the purple points (diamonds symbol) to plot Alyssa's total utility (TU) curve if she consumes zero, one, two, three, four, five, or six cones of ice cream per week.
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
0123456240216192168145120967248250TOTAL UTILITY (Utils)ICE CREAM (Cones)
On the following graph, use the blue points (circle symbol) to plot Alyssa's marginal utility (MU) curve from consuming her first six cones of ice cream.
012345680706050403020100MARGINAL UTILITY (Utils)ICE CREAM (Cones)
For Alyssa, increasing her consumption of ice cream results in marginal utility.