Consumer's Income = $12 Refer to the Data

question 51

Multiple Choice

Consumer's income = $12 $$\begin{array}{l}\begin{array} { c c c c } \begin{array} { c } \\\text { Units of } \\\text { Product }\\\hline\end{array} & \begin{array} { c } \\\text { Marginal Utility, X } \\( \text { Price } = \$ 1 ) \\\hline\end{array} & \begin{array} { c } \\\text { Marginal Utility, Y } \\( \text { Price } = \$ 1 ) \\\hline\end{array} & \begin{array} { c } \text { Marginal Utility, }\\\text { New Product, Z } \\( \text { Price } = \$ 1 ) \\\hline\end{array} \\ \text { First } & 12 & 16 & 20 \\\text { Second } & 10 & 14 & 18 \\\text { Third } & 8 & 12 & 16 \\\text { Fourth } & 6 & 10 & 14 \\\text { Fifth } & 4 & 8 & 12 \\\text { Sixth } & 2 & 6 & 10 \\\text { Seventh } & 0 & 4 & 8\end{array}\end{array}$$ Refer to the data.In equilibrium,the introduction of new product Z has increased this consumer's total utility by:

• A) 42 utils.
• B) 54 utils.
• C) 60 utils.
• D) 66 utils.

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Definitions:

Objectively Measurable

Characteristics or phenomena that can be quantitatively assessed or evaluated through standardized methods without subjective judgment.

Individual Psychology

A psychological method or theory originating in the work of Alfred Adler, focusing on the unique motivations of individuals and the importance of each person's perceived niche in society.

Deinstitutionalization

The process of replacing long-stay psychiatric hospitals with less isolated community mental health services for those diagnosed with a mental disorder.

Psychoactive Drugs

Substances that alter brain function, resulting in temporary changes in perception, mood, consciousness, and behavior.