Assume That the Marginal Utilities for the First Three Units

question 281

Essay

Assume that the marginal utilities for the first three units of a good consumed are 200, 150, and 125, respectively.The total utility when two units are consumed is:
A.150.
B.200.
C.350.
D.475.

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Definitions:

Legally Guaranteed

Ensured or secured by law; having legal promise or assurance.

Private Property

The legal right to own and control property (such as land or buildings) by individuals or corporations.

Profit Making

The activity of earning more money than what is spent on producing or buying goods or services, resulting in financial gain.

Industrial Revolution

A period of major industrialization that took place during the late 1700s and early 1800s, leading to significant changes in agriculture, manufacturing, mining, transportation, and technology, which had a profound effect on the socioeconomic and cultural conditions of the times.