George Carlson wears cuff links with his dress shirts and he loves the new pair his wife bought him. He adds it to his collection, which he now values at $650. Before the new purchase, he valued the collection at $575. What can we say about the marginal utility of the new cuff links to him?
A) The marginal utility of the new pair is $650 and it's higher than the marginal utility of any pair he already had.
B) The marginal utility of the new pair is $650 and it's lower than the marginal utility of any pair he already had.
C) The marginal utility of the new pair is $75.
D) The marginal utility of the new pair is $575 and it's higher than the marginal utility of any pair he already had.
E) The marginal utility of the new pair is $75 and it's higher than the marginal utility of any pair he already had.
Correct Answer:
Verified
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