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Average utili...

Question

Average utility at 3rd unit?

A

36.7

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B

46.7

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C

37.7

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D

26.7

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Solution

The correct option is C 37.7
Total utility of 3rd unit is the summation of marginal utility of 1st, 2nd, and 3rd units that is 40+38+35 = 113. Now the total utility of the 3rd unit is 113 then the average utility is 113/3= 37.7.

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Similar questions

Q. Total utility at 3rd unit?

Q. From the following data answer the question:

Slices of Bread	Total Utility	Average Utility	Marginal Utility
1	40	40	40
2	78	---	38
3	---	---	35
4	144	36	31
5	170	---	---
6	---	31.7	20
7	---	---	13
8	---	26	5
9	---	---	-4

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