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3 cards from this section. Quick, good the night before a test.
Define utility in economic terms.
Think about what you feel when you enjoy your favorite food.
What does marginal utility represent?
Consider how much happy you feel after eating that extra slice of cake.
What is the term used to describe the satisfaction derived from consuming goods?
It starts with 'U' and is all about satisfaction.
True or False: Marginal utility always increases with additional consumption.
Think about enjoying your favorite treat - less joy as you eat more.
A consumer receives a utility score of 100 from 10 apples. If they eat one more apple and the utility increases to 105, what is the marginal utility of that additional apple?
Find the difference in utility produced by the consumption of the additional apple.
Given the following quantities and total utility of bananas: 1 banana gives 10 utils, 2 bananas give 18 utils, and 3 bananas give 24 utils, calculate the marginal utility for each additional banana consumed.
Use the change in total utility to find marginal utility values.
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