Explore BrainMass

Utility Curve

This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

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

© BrainMass Inc. brainmass.com March 21, 2019, 10:03 am ad1c9bdddf

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.