Use the table below and fill in the values for marginal utility. Hot Dogs and Biff's UtilityHot Dogs Total Utility (utils) Marginal Utility (utils)5 48 —6 52 7 54 8 55 9 54 10 51
Question
Use the table below and fill in the values for marginal utility. Hot Dogs and Biff's UtilityHot Dogs Total Utility (utils) Marginal Utility (utils)5 48 —6 52 7 54 8 55 9 54 10 51
Solution
The marginal utility is calculated by subtracting the total utility of the previous quantity from the total utility of the current quantity. Here's how you can fill in the values:
Hot Dogs Total Utility (utils) Marginal Utility (utils) 5 48 — 6 52 52 - 48 = 4 7 54 54 - 52 = 2 8 55 55 - 54 = 1 9 54 54 - 55 = -1 10 51 51 - 54 = -3
So, the marginal utility decreases as the quantity of hot dogs increases. This is consistent with the law of diminishing marginal utility, which states that as a person increases consumption of a product, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
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