Elaine Values the Utility of Her First Cup of Coffee

question 166

Multiple Choice

Elaine values the utility of her first cup of coffee at $1; a second cup, $.75; and a third cup, $.50.If Elaine drinks three cups of coffee for breakfast, her marginal utility is equal to

• A)$.50, the value of her last cup of coffee.
• B)$1.00, the value of her first cup of coffee.
• C)marginal utility.
• D)$2.25.
• E)$1.50.

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Definitions:

Scientific Approach

The scientific approach involves systematic observation, measurement, experiment, formulation, testing, and modification of hypotheses to gain knowledge and understand phenomena.

Acquiring Knowledge

The process of obtaining information and understanding through experiences, education, and study.

Intuition

The ability to understand something instinctively, without the need for conscious reasoning.

Assertions

Statements or claims that are often made without proof or evidence, typically used in argumentation.