The table below represents how Marco feels about chocolate candy bars. a. Fill in the missing values for total utility and marginal utility. Instructions: Enter your answers as a whole number. Chocolate Candy Bars and Marco's UtilityChocolate Candy Bars Total Utility (utils) Marginal Utility (utils)0 0 —1 25 2 173 54 4 5 66 46 –1 Suppose Marco currently has two candy bars. You tell Marco you will give him either a soda, which gives him 22 utils of happiness, or two additional candy bars.
Question
The table below represents how Marco feels about chocolate candy bars. a. Fill in the missing values for total utility and marginal utility. Instructions: Enter your answers as a whole number. Chocolate Candy Bars and Marco's UtilityChocolate Candy Bars Total Utility (utils) Marginal Utility (utils)0 0 —1 25 2 173 54 4 5 66 46 –1 Suppose Marco currently has two candy bars. You tell Marco you will give him either a soda, which gives him 22 utils of happiness, or two additional candy bars.
Solution
The table you provided is incomplete, but I'll try to fill in the missing values based on the information given.
First, let's understand the terms:
- Total Utility (TU): It is the total satisfaction or benefit that a person receives consuming a certain quantity of goods.
- Marginal Utility (MU): It is the additional satisfaction or benefit that a person receives consuming one more unit of a good.
The Marginal Utility can be calculated by the difference in Total Utility. So, let's fill in the missing values:
| Chocolate Candy Bars | Total Utility (utils) | Marginal Utility (utils) |
|---|---|---|
| 0 | 0 | — |
| 1 | 25 | 25 (25-0) |
| 2 | ? | 17 |
| 3 | 54 | ? |
| 4 | ? | ? |
| 5 | 66 | ? |
| 6 | 46 | -1 |
From the table, we know that the marginal utility of the 2nd candy bar is 17. So, the total utility of 2 candy bars is 25 (from the 1st candy bar) + 17 (from the 2nd candy bar) = 42 utils.
| Chocolate Candy Bars | Total Utility (utils) | Marginal Utility (utils) |
|---|---|---|
| 0 | 0 | — |
| 1 | 25 | 25 |
| 2 | 42 | 17 |
| 3 | 54 | ? |
| 4 | ? | ? |
| 5 | 66 | ? |
| 6 | 46 | -1 |
The total utility of 3 candy bars is 54 utils, so the marginal utility of the 3rd candy bar is 54 (from 3 candy bars) - 42 (from 2 candy bars) = 12 utils.
| Chocolate Candy Bars | Total Utility (utils) | Marginal Utility (utils) |
|---|---|---|
| 0 | 0 | — |
| 1 | 25 | 25 |
| 2 | 42 | 17 |
| 3 | 54 | 12 |
| 4 | ? | ? |
| 5 | 66 | ? |
| 6 | 46 | -1 |
We don't have enough information to calculate the total utility and marginal utility for 4 candy bars. But we know that the total utility for 5 candy bars is 66 utils, so the marginal utility for the 5th candy bar is 66 (from 5 candy bars) - 54 (from 4 candy bars) = 12 utils.
| Chocolate Candy Bars | Total Utility (utils) | Marginal Utility (utils) |
|---|---|---|
| 0 | 0 | — |
| 1 | 25 | 25 |
| 2 | 42 | 17 |
| 3 | 54 | 12 |
| 4 | ? | ? |
| 5 | 66 | 12 |
| 6 | 46 | -1 |
Finally, the total utility for 6 candy bars is 46 utils, so the marginal utility for the 6th candy bar is 46 (from 6 candy bars) - 66 (from 5 candy bars) = -20 utils. This negative value indicates that the 6th candy bar decreases Marco's total utility, meaning he doesn't enjoy it as much as the previous ones.
| Chocolate Candy Bars | Total Utility (utils) | Marginal Utility (utils) |
|---|---|---|
| 0 | 0 | — |
| 1 | 25 | 25 |
| 2 | 42 | 17 |
| 3 | 54 | 12 |
| 4 | ? | ? |
| 5 | 66 | 12 |
| 6 | 46 | -20 |
Now, if Marco currently has two candy bars (42 utils) and you offer him either a soda (22 utils) or two additional candy bars, you should consider the total utility he would get from each option. If he takes the soda, his total utility would be 42 (from the candy bars) + 22 (from the soda) = 64 utils. If he takes two more candy bars, his total utility would be 54 utils (from 3 candy bars) + ? (from the 4th candy bar). Without the total utility for the 4th candy bar, we can't determine which option would give Marco more utility.
Similar Questions
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