Question 1

Given the utility function U = 5x²+12x, find Marginal utility:
A)5+12
B)10x+12
C)12x 10
D)10x +12x

Accepted Answer

Marginal utility is found by taking the first derivative of the utility function with respect to x, which in this case is d(5x²+12x)/dx = 10x + 12.

Question 2

The first order derivative of Total Utility:
A)mu
B)tu
C)au
D)none

Accepted Answer

The first order derivative of Total Utility (TU) is Marginal Utility (MU), which measures the change in total utility from consuming one additional unit of a good or service.

Quiz 1: Economics Terminologies and Concepts

Given the utility function U = 5x²+12x, find Marginal utility:

The first order derivative of Total Utility: