Table-Demand and Utility Table for action figures $$\begin{array} { | c | c | c | c | }
\hline \text { Price } & \text { Quantity Demanded } & \text { Marginal Utility } & \text { Total Utility } \
\hline \$ 14 & 1 & & \
\hline \$ 12 & 2 & & \
\hline \$ 10 & 3 & & \
\hline \$ 8 & 4 & & \
\hline \$ 6 & 5 & & \
\hline
\end{array}$$
-If the price of action figures was $10 each,his total utility would be ____ and your marginal utility would be ___.
A)$30 and $10
B)$36 and $12
C)$36 and $10
D)$26 and $12
E)$50 and $6

Question

Table-Demand and Utility Table for action figures $$\begin{array} { | c | c | c | c | } 
\hline \text { Price } & \text { Quantity Demanded } & \text { Marginal Utility } & \text { Total Utility } \
\hline \$ 14 & 1 & & \
\hline \$ 12 & 2 & & \
\hline \$ 10 & 3 & & \
\hline \$ 8 & 4 & & \
\hline \$ 6 & 5 & & \
\hline
\end{array}$$
-If the price of action figures was $10 each,his total utility would be ____ and your marginal utility would be ___.
A)$30 and $10
B)$36 and $12
C)$36 and $10
D)$26 and $12
E)$50 and $6

Quizplus · Accepted Answer

The total utility at a price of $10, which corresponds to purchasing 3 action figures, is the sum of the marginal utilities of the first three figures. Without explicit values, we assume a decreasing marginal utility with each additional figure. Thus, the total utility would be the highest for the first figure and decrease with each additional figure. Since specific marginal utilities aren't provided, we infer from the pattern of demand that the total utility up to 3 figures is maximized at this price point, aligning with consumer behavior. The marginal utility for the third figure specifically would be the additional utility gained from the third figure, which is implied to be lower than the first two, reflecting the principle of diminishing marginal utility. Given the lack of explicit marginal utility values, the correct answer is inferred based on typical economic principles rather than direct calculation.

Table-Demand and Utility Table for Action Figures -If the Price of Action Figures Was $10 Each,his Total