If consumption of 5 units of X gives 70 utils and 2 units of Y gives 30 utils, what is the total utility?

Booster class

Microeconomics

Skill

Explain Relationship between Consumer Choices and Utility

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Paramjeet ChawlaLv8

30 Oct 2020

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Related questions

Using the following information, calculate total utility and marginal utility.

a. Plot the utility curve.

b. Plot the marginal utility directly below total utility.

c. At what marginal utility value does total utility reach a maximum?

Number of utils the first unit 300

Number of utils the second unit 250

Number of utils the third unit 220

Number of utils the fourth unit 160

Number of utils the fifth unit 100

Number of utils the sixth unit 50

Number of utils the seventh unit 20

Number of utils the eighth unit 0

Number of utils the ninth unit -250

oliveant927

Using the following information, calculate total utility and marginal utility.

a. Plot the total utility curve.
b. Plot marginal utility directly below total utility.
c. At what marginal utility value does total utility reach a maximum?

Number of utils for the first unit: 300
Number of utils for the second unit: 250
Number of utils for the third unit: 220
Number of utils for the fourth unit: 160
Number of utils for the fifth unit: 100
Number of utils for the sixth unit: 50
Number of utils for the seventh unit: 20
Number of utils for the eighth unit: 0
Number of utils for the ninth unit: -250