-Given the Data in the Above Table, Income of $13

question 217

Multiple Choice

-Given the data in the above table, income of $13, a price of $1 for a bottle of water and $2.00 for a hamburger, what is the marginal utility per dollar spent on the fifth hamburger?

• A) 10 units of utility
• B) 8 units of utility
• C) 6 units of utility
• D) 4 units of utility

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Definitions:

Economic Efficiency

A measure of how well resources are utilized and allocated to maximize productivity and meet the needs and wants of society.

Quintile Distribution

The division of a population or dataset into five equal groups or parts, often used in economic studies to analyze income or wealth distribution.

Before-Tax Household Income

The total income earned by a household before any taxes are deducted.

Greater Inequality

Refers to an increase in the unequal distribution of resources, wealth, or opportunities within a society or between different societies.