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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is utility?
💡 Hint: Think about how you feel when you eat your favorite food.
Question 2
Easy
Define Total Utility.
💡 Hint: Consider all the cookies you eat at a party.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does the term 'Marginal Utility' refer to?
- Total satisfaction from consumption
- Change in satisfaction from one additional unit
- None of the Above
💡 Hint: Think of adding one more slice of pizza on your plate!
Question 2
An indifference curve represents:
- True
- False
💡 Hint: Imagine you are satisfied with multiple options.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
If a consumer's total utility from consuming 10 bananas is 50, and from 11 bananas is 53, what is the marginal utility of the 11th banana?
💡 Hint: Use the formula: MU = TU(n) - TU(n-1).
Question 2
A consumer faces a budget constraint where the price of good X is 5 and good Y is 10. If their income is 50, calculate the maximum amount of good X they can purchase.
💡 Hint: Use the budget line formula to calculate maximum consumption.
Challenge and get performance evaluation