Refer to the Accompanying Table A What Is the Marginal Utility of the Third Iced

question 101

Essay

Refer to the accompanying table. $\begin{array}{cc}\text { Iced Tea }&\text { Total Utility (Utils }\\&\text { per Iced Tea) }\\0 & 0 \\1 & 15 \\2 & 25 \\3 & 30 \\4 & 32 \\5 & 30 \\6 & 27 \\7 & 20\\8&0\end{array}$
a. What is the marginal utility of the third iced tea?
b. When does this consumer experience diminishing marginal utility?
c. When does this consumer experience negative marginal utility?

---

Definitions:

Structured Review

A systematic approach to evaluating a piece of work, such as a document or project, against predefined criteria.

Completed Project

A project that has been finished, fulfilling all its objectives and requirements within the predetermined scope, time, and budget.

Lessons Learned

Knowledge gained from experiences, often used as a way to continuously improve processes and practices.

Profitability Ratios

Financial metrics used to evaluate a company's ability to generate profit in relation to its revenue, assets, or equity.