Given the table demonstrating the law of diminishing marg...
Given the table demonstrating the law of diminishing marginal utility below, what is the value of X?
No. of oranges Consumed |
Total Utility | Average Utility |
Marginal Utility |
1 | 9 | 9 | - |
2 | 16 | 8 | x |
3 | 24 | 8 | 6 |
4 | 30 | 7.5 | 4 |
5 | 34 | 6.8 | y |
6 | 36 | 6 | 2 |
7 | 36 | 5.1 | 0 |
0.5
7
0
8
Correct answer is B
The Marginal Utility is the additional satisfaction a consumer gains from consuming one more unit of a good or service. It can be calculated by subtracting the total utility of the previous consumption from the total utility of the current consumption. In this case, the total utility of consuming 2 oranges is 16 and the total utility of consuming 1 orange is 9. Therefore, the marginal utility (X) of the second orange is 16 - 9 = 7.
The population of country X in 1990 was 35 million. The births were 450,000 while it recorded 210...
In an open economy, the GNP is measured as_____________? ...
The stock exchange market is where ...
Gross National Product (GNP) less depreciation is known as ...
If the population of a school is 600 and 60% are In JSS, how many students are in SSS? ...
If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then ...
The market structure in which the operation are many and none of them can influence the price is ...