Purchase Solution

Utility Curve

Not what you're looking for?

Ask Custom Question

Based on the table, graph the total utility curve of Chad Hobbs for buffalo wings. Secondly, calculate the marginal utility between each point and plot the corresponding graph. Why is the slope of the MU curve negative?
Chad's Utility Function
# of wings total utility
1 30
2 58
3 84
6 150
12 222
24 306

Purchase this Solution

Solution Summary

The attachment clearly explains the utility curve concept with plenty of graphs. The solution goes into quite a bit of detail about why the slope of the MU curve is negative. The solution is a good starting point for anyone who wants to understand these concepts. Overall, an excellent response. Graphs help to illustrate the point even better.

Purchase this Solution

Free BrainMass Quizzes
Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.