Suppose you plan on eating 50 potato chips. As you start consuming potato chips, your marginal utility is very high, but it begins to fall slowly until you've eaten 10 chips. After you have eaten 10 chips, your marginal utility decreases even faster with each additional chip. Marginal utility continues to decline until you've eaten 49 chips. The fiftieth chip does not give you any additional utility. After 50 chips, your mouth gets so salty that it is unpleasant to eat any more, so marginal utility is actually negative for those chips. How many chips should you eat in order to maximize your total utility?
a. 1
b. 10
c. 49
d. 51
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Suppose you plan on eating 50 potato chips. As you start consuming potato chips, your marginal utility is very high, but it begins to fall ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
The civil rights act of 1991 amended title vii to allow recovery of punitive damages in cases in which the employer has engaged in: a. racial discrimination. b. religious discrimination. c. discrimination based on creed. d.
Answers (1)
Sean is making posters for his school dance. For each poster he uses to of a foot of red paper and of a foot of blue paper.
Answers (1)
Investors expect the market rate of return this year to be 10%. The expected rate of return on a stock with a beta of 1.2 is currently 12%.
Answers (1)
Which of the following is a positive economic statement? A. The government should implement a national consumption tax. B. The standard of living in the United States is too low. C. The U. S.
Answers (1)
The production manager for Beer etc. produces 2 kinds of beer: light (L) and dark (D). Two resources used to produce beer are malt and wheat. He can obtain at most 4800 oz of malt per week and at most 3200 oz of wheat per week respectively.
Answers (1)
New Questions in Business
On January 1, Kirk Corporation had total assets of $851,000. During the month, the following activities occurred: Kirk Corporation acquired equipment costing $6,100, promising to pay cash for it in 60 days.
Answers (1)
Antonio derives more utility from spending an additional dollar on boots than on gloves. We can assume that: a. the marginal utility per dollar spent on boots is greater than the marginal utility per dollar spent on gloves. b.
Answers (1)
Which profession is most likely to be concerned with the effect of supervisors management styles?
Answers (1)
The primary goals of inventory managers are to maintain a sufficient quantity of inventory to meet customers' needs, ensure inventory quality meets customers' expectations and company standards, and minimize the cost of acquiring and carrying an
Answers (1)
Stacy Hanes is an African-American woman who has recently taken her first job and does not seem to like the work environment at all, Her colleagues put down her ideas at team meetings and refer to them as "stupid.
Answers (1)