Knowee
Questions
Features
Study Tools

Use the following table to answer the question below.  Units Consumed Total Utility Marginal Utility0 0 —1 W 202 35 X3 Y 104 40 Z The value for Y isMultiple Choice25.30.40.45.

Question

Use the following table to answer the question below.  Units Consumed Total Utility Marginal Utility0 0 —1 W 202 35 X3 Y 104 40 Z The value for Y isMultiple Choice25.30.40.45.

🧐 Not the exact question you are looking for?Go ask a question

Solution

The value for Y can be determined by understanding the concept of Marginal Utility. Marginal Utility is the additional satisfaction a consumer gains from consuming one more unit of a good or service. It is derived from the change in total utility divided by the change in units consumed.

From the table, we can see that the total utility for consuming 2 units is 35 and for 1 unit it is W. The marginal utility of the second unit is X.

So, we can set up the equation as follows:

X = (35 - W) / (2 - 1)

We know that the marginal utility for the second unit is 20 (given in the table), so we substitute X with 20:

20 = 35 - W

Solving for W, we get W = 15.

Now, we can find the value for Y. The total utility for consuming 3 units is Y and for 2 units it is 35. The marginal utility of the third unit is 10.

So, we can set up the equation as follows:

10 = (Y - 35) / (3 - 2)

Solving for Y, we get Y = 45.

So, the value for Y is 45.

This problem has been solved

Similar Questions

Use the following table to answer the question below.  Units Consumed Total Utility Marginal Utility0 0 —1 W 202 35 X3 Y 104 40 Z The value for Y isMultiple Choice25.30.40.45.

Select Any One Of the Following Options: With the Consumption function: C=200+ 0.75(Y-T) and each of G, I and T being 100 what is the value of the Government purchase Multiplier?2314

Use the figure to answer the question.  The income expenditure multiplier equalsGroup of answer choices0.5624

Use the following table to answer the question below.  Number of Units Total Utility1 1002 1903 2704 3405 4006 450 The addition of which unit has the greatest marginal utility?Multiple Choicefifthsecondfirstsixth

What is the change in total utility due to consumption of one additional unit of an item called ?Marginal Utility Maximum Utility Minimum Utility Change Utility

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.