Scenario 5.1
The demand for noodles is given by the following equation: Q = 20 - 4P + 0.2I - 2P x . Assume that P = $8, I = 200, and P x = $10.
-The additional satisfaction that a consumer receives from one more unit of a good or service is known as _____.
A)marginal utility
B)total utility
C)disutility
D)profit
E)the law of diminishing marginal utility

Question

Quizplus · Accepted Answer

The additional satisfaction that a consumer receives from one more unit of a good or service is known as marginal utility.

Scenario 5.1 The Demand for Noodles Is Given by the Following Equation