-The Above Table Has Data from the Nation of Media

question 79

Multiple Choice

-The above table has data from the nation of Media. Based on these data, the marginal propensity to consume is

• A) 0.67.
• B) 1.33.
• C) 0.25.
• D) 0.75.
• E) 1.50.

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Definitions:

Utility

In economics, the total satisfaction received from consuming a good or service.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay.

Marginal Utility

The extra pleasure or benefit a customer receives from purchasing an additional unit of a product or service.

Total Utility

The total satisfaction or benefit obtained from consuming a particular quantity of goods or services.