Suppose you consume three pounds of beef and five pounds of pork per month. The price of beef is $ 1.50 per pound, and pork is $ 2.00 per pound. Assuming you have studied economics and achieved consumer equilibrium, what is the ratio of the marginal utility of beef to the marg...
Suppose your marginal utility for meals at the campus cafeteria this week has fallen to zero. Explain what has happened to your total utility curve derived from consuming these meals. Now explain what will happen to total utility if you eat more meals at the cafeteria this week.
This week you have gone to two parties. Assume the total utility you gained from these parties is 100utils. Then you go to a third party, and your total utility rises to 110utils. What is the marginal utility of the third party attended per week? Given the law of diminishing m...
Do you agree with the following statement? If you like tacos you should consume as many as you can.
Does a dollar given to a rich person raise the rich persons total utility more than a dollar given to a poor person raises the poor persons total utility?