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
Question
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
Solution
The missing values for total utility and marginal utility can be calculated as follows:
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Total Utility for 2 Chocolate Candy Bars: The total utility for 2 bars can be calculated by adding the marginal utility of the second bar to the total utility of the first bar. Given that the marginal utility of the second bar is 17 utils and the total utility of the first bar is 25 utils, the total utility for 2 bars is 25 + 17 = 42 utils.
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Marginal Utility for 3 Chocolate Candy Bars: The marginal utility for the third bar can be calculated by subtracting the total utility of the second bar from the total utility of the third bar. Given that the total utility of the third bar is 54 utils and the total utility of the second bar is 42 utils, the marginal utility for the third bar is 54 - 42 = 12 utils.
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Marginal Utility for 4 Chocolate Candy Bars: The marginal utility for the fourth bar can be calculated by subtracting the total utility of the third bar from the total utility of the fourth bar. Given that the total utility of the fourth bar is not provided, we cannot calculate the marginal utility for the fourth bar.
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Total Utility for 5 Chocolate Candy Bars: The total utility for 5 bars can be calculated by adding the marginal utility of the fifth bar to the total utility of the fourth bar. Given that the marginal utility of the fifth bar is 46 utils and the total utility of the fourth bar is not provided, we cannot calculate the total utility for 5 bars.
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Total Utility for 6 Chocolate Candy Bars: The total utility for 6 bars can be calculated by adding the marginal utility of the sixth bar to the total utility of the fifth bar. Given that the marginal utility of the sixth bar is -1 utils and the total utility of the fifth bar is 66 utils, the total utility for 6 bars is 66 - 1 = 65 utils.
Similar Questions
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.
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
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