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Speaker

In: Social Issues

Submitted By mohammedsalia
Words 357
Pages 2
ECON 102

MARGINAL UTILITY

The cardinalist approach to consumer behaviour assumes that the utility (i.e. the satisfaction or benefit) obtained from consuming a unit of a good can be measured.

1. Define the following terms:
a) total utility
b) marginal utility.

2. Consider the following information regarding the utility Jack obtains from consuming cream cakes on a visit to a cafe.

|No. of cream cakes |Total utility |Marginal utility |
|0 |0 | |
| | > | |
|1 |40 | |
| | > | |
|2 |80 | |
| | > | |
|3 |110 | |
| | > | |
|4 |130 | |
| | > | |
|5 |140 | |
| | > | |
|6 |140 | |
| | > | |
|7 |130 | |

i) Fill in the marginal utility column and plot total utility and marginal utility on the same axes. (N.B. Plot marginal utility at the half-way point between the two observations from which it has been calculated).

ii) Why does the MU curve eventually slope downwards? Would this be the same for all MU curves for any good or individual?

iii) Why is total utility at a maximum when marginal utility is zero? Is this always the case?

3i) What is consumer surplus?

ii) Identify on the diagram below the area of consumer surplus if P = P*.
P

P*

Q

iii) A rational consumer who wishes to maximise utility from a single commodity should consume where MU = P. Explain why this is the case and hence show that the individual's MU curve is his demand curve.

iv) How is the market demand curve for a good derived?

4. Explain the problem with using money as a measure of utility.

5. Suppose 1 lb. of sausages cost ¼ the price of 1 lb. steak, but that the latter gives you 5 times the utility of the former. So

[pic]

i) Which will you buy initially, steak or sausages? Explain why.

ii) Explain why [pic] will fall.

iii) At what point will you stop buying the good identified in part i)? Explain why.

Thus in a world with any number of goods, the optimal combination of goods for a consumer is where:

[pic]

Paradox of Value: Refer to Sloman p108 to identify the paradox of value and answer the questions on this page to find out why the paradox occurs.
-----------------------
MU

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