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ECS1501-25-Y Topics 12 -15
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After getting a free sample at a bakery, Thabo decides not to buy the full cake. Which utility concept might explain his behaviour?
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When marginal utility becomes zero, total utility is
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Equal weighted marginal utilities of three products A, B and C can also be written as: MUA ÷ PA = MUB ÷ PB = MUC ÷ PC.
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When a marginal value is positive and larger than the previous average value, the average value increases.
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Total utility is the cumulative sum of all marginal utilities.
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Use the data in the following table to answer the question.
Output (Units) | Total cost (R) |
0 | 100 |
1 | 110 |
2 | 130 |
3 | 166 |
4 | 220 |
5 | 300 |
The average total cost of four units is
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Use the data in the following table to answer the question.
Output (Units) | Total cost (R) |
0 | 100 |
1 | 110 |
2 | 130 |
3 | 166 |
4 | 220 |
5 | 300 |
The average variable cost of two units unit is
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In economics, "the long-run" is referred to as
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