Practice - Law of Diminishing Marginal Utility
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Practice Questions
Test your understanding with targeted questions
What is marginal utility?
💡 Hint: Think about the satisfaction from each extra unit you consume.
How does total utility differ from marginal utility?
💡 Hint: Consider how you quantify satisfaction.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What happens to marginal utility as more units of a good are consumed?
💡 Hint: Consider your enjoyment of a food item as you consume more.
True or False: Total utility can decrease as more units are consumed.
💡 Hint: Think about the overall satisfaction derived.
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Challenge Problems
Push your limits with advanced challenges
A consumer has a utility function of U(x) = 10x - x^2. Calculate the marginal utility for x=5.
💡 Hint: Use calculus to derive the marginal utility.
If the price falls but the consumer continues to purchase the same quantity, how does that relate to marginal utility?
💡 Hint: Think about consumer rationality in choices.
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