Physician Visits/year Total Utility Marginal Utility 1 20 ? 2 30 ? 3 34 ? 4...

Question

Question

Based on the table below, when going from 1 to 2 physician visits per year, the consumer's marginal utility is:

a. 20

b. 10

c. 4

d. 2

e. None of the above

business economics

Answer 1

Answer #1

Answer : Table showing information as follows :

Answer : Option B is correct. As Marginal utility of going to 2nd physician after the visit is 10.

MU = TU of 2nd - TU of 1st

MU = 30-20=10

Answer 2

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