Use the Matrix Operations on a Graphing Calculator to Find

question 94

Essay

Use the matrix operations on a graphing calculator to find the total demand for the four types of energy from only the consumers.

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Definitions:

Marginal Utility

The change in satisfaction or benefit derived from consuming an additional unit of a good or service.

Total Utility

The total satisfaction received from consuming a particular quantity of a good or service.

Diminishing Marginal Utility

The decrease in satisfaction or usefulness obtained from each additional unit of consumption.

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, due to the availability of more desirable substitutes.