Would it be fair to say that john is addicted to coke

Reference no: EM13209743

After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils. Does John show diminishing marginal utility for Coke, or does he show increasing marginal utility for Coke? Suppose that John has $3 in his pocket. If coke costs $1 each and John is willing to spend his first dollar on purchasing a first can of Coke, would he spend his second dollar on a can of Coke too? What about the third dollar? If John's marginal utility for coke keeps increasing no matter how many Cokes he drinks, would it be fair to say that he's addicted to Coke?

Reference no: EM13209743

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