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Describe what the terms utility and marginal utility mean

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Reference no: EM133551308

Case Study: Prior to beginning work on this discussion forum, review Chapter 5, Demand and Consumer Choice of your textbook, Principles of Microeconomics, and the materials on the "Weekly Lecture" page. Suppose that you are organizing a birthday party and you have a budget of $100. You can buy some combinations of chips and coke with that $100. Currently, the marginal utility you receive from the last unit of chips is 50 and the price of chips is $5 and the marginal utility you receive from the last unit of coke is 30 and the price of coke is $1. Based on this scenario, discuss the following.

Questions:

  • Describe what the terms utility and marginal utility mean in economics.
  • Explain whether you are currently maximizing your utility.
  • Describe the process by which you can maximize your utility in this example.
  • Discuss how we can derive a demand curve for chips and coke.

 

Reference no: EM133551308

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