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Units… Show more Total & Marginal Utility Complete the fol

Paper help Economics Units… Show more Total & Marginal Utility Complete the fol

Economics

Units… Show more Total & Marginal Utility Complete the fol

Units… Show more Total & Marginal Utility Complete the following table and answer the questions below: Units Consumed Total Utility Marginal Utility 0 0 . 1 10 10 2 . 8 3 25 . 4 30 . 5 . 3 6 34 . At which rate is total utility increasing: a constant rate, a decreasing rate, or an increasing rate? How do you know? “A rational consumer will purchase only 1 unit of the product represented by these data, since that amount maximizes marginal utility.” Do you agree? Explain why or why not. “It is possible that a rational consumer will not purchase any units of the product represented by these data.” Do you agree? Explain why or why not. • Show less

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