utility is most closely defined by which of the following terms? course hero

What is the marginal utility associated with the first 4 units?

e. the principle of diminishing marginal utility does not hold. The marginal utilizes associated with the first 4 units of consumptions of good Y are 10, 12, 9, and 7. What is the total utility associated with the third unit?

What is the difference between total utility and marginal utility?

a. Marginal utility is total utility divided by the total quantity consumed. b. Marginal utility is the change in total utility divided by the change in total quantity demanded. c. Marginal utility is the satisfaction that a consumer experiences from all the units of a good or service consumed.

What is the difference between average and total utility?

e. average utility when an extra unit of output is consumed. c. total utility when an extra unit of output is consumed. The law of diminishing marginal utility is the principle that the marginal utility curve ____ as people consume more of a product in a given period.

How many pints of strawberries can a farm produce?

What is marginal utility?

How many pints per acre per year?

Is it easy for firms to enter or exit the market?

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What is marginal utility?

c. Marginal utility is the satisfaction that a consumer experiences from all the units of a good or service consumed.

Is it easy for firms to enter or exit the market?

c. it is very easy for firms to enter or exit the market.

What does total utility mean?

a. total utility when an extra unit of output is produced.

What are the total utilities associated with the first 5 units of consumption of good X?

The total utilities associated with the first 5 units of consumption of good X are 15, 30, 40, 47, and 50 , respectively. What is the marginal utility associated with the third unit?

Does a change in income increase utility?

c. only a change in income will increase utility.

How many pints of strawberries can a farm produce?

A farm is able to produce 9,000 pints of strawberries per season on 10 acres. It adds one more acre and is able to produce 12,000 pints per season. The marginal product of land for this farm is:

What is marginal utility?

c. Marginal utility is the satisfaction that a consumer experiences from all the units of a good or service consumed.

How many pints per acre per year?

a. 900 pints per acre per year.

Is it easy for firms to enter or exit the market?

c. it is very easy for firms to enter or exit the market.