Oranges Total Utility Mangoes Total Utility 1 100 1 50 2 190 2 95 3 270 3 135 4 340 4 170 5 400 5 200 6 450 6 225 7 490 7 245 8 520 8 260 The table above sh...

Assessment: WAEC SSCE - Economics - 2007 Subject: Economics

Question 1 Report

Oranges	Total Utility	Mangoes	Total Utility
1	100	1	50
2	190	2	95
3	270	3	135
4	340	4	170
5	400	5	200
6	450	6	225
7	490	7	245
8	520	8	260

The table above shows Mr. Y's schedule of total utility for oranges and mangoes. The prices of oranges and mangoes are at $1.00 each. Mr. Y has $10 00 to spend on the goods.

Use the information contained in thetable to answer the questions that follow

(a) Calculate the marginal utility for all the levels of consumption for the goods.

(b) At equilibrium, how many (i) oranges (ii) mangoes, will the consumer buy?

(c) (i)State the law of diminishing marginal utility. (ii) State the marginal condition for utility maximization.

Answer

Unit	Oranges TU	Oranges MU	Mangoes TU	Mangoes MU
1	100	100	50	50
2	190	90	95	45
3	270	80	135	40
4	340	70	170	35
5	400	60	200	30
6	450	50	225	25
7	490	40	245	20
8	520	30	260	15

Unit	Oranges TU	Oranges MU	Mangoes TU	Mangoes MU
1	100	100	50	50
2	190	90	95	45
3	270	80	135	40
4	340	70	170	35
5	400	60	200	30
6	450	50	225	25
7	490	40	245	20
8	520	30	260	15

Theory Of Consumer Behaviour

The Theory Of Consumer Behaviour

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Unit	Oranges TU	Oranges MU	Mangoes TU	Mangoes MU
1	100	100	50	50
2	190	90	95	45
3	270	80	135	40
4	340	70	170	35
5	400	60	200	30
6	450	50	225	25
7	490	40	245	20
8	520	30	260	15

Unit	Oranges TU	Oranges MU	Mangoes TU	Mangoes MU
1	100	100	50	50
2	190	90	95	45
3	270	80	135	40
4	340	70	170	35
5	400	60	200	30
6	450	50	225	25
7	490	40	245	20
8	520	30	260	15

Unit	Oranges TU	Oranges MU	Mangoes TU	Mangoes MU
1	100	100	50	50
2	190	90	95	45
3	270	80	135	40
4	340	70	170	35
5	400	60	200	30
6	450	50	225	25
7	490	40	245	20
8	520	30	260	15

Unit	Oranges TU	Oranges MU	Mangoes TU	Mangoes MU
1	100	100	50	50
2	190	90	95	45
3	270	80	135	40
4	340	70	170	35
5	400	60	200	30
6	450	50	225	25
7	490	40	245	20
8	520	30	260	15

Unit	Oranges TU	Oranges MU	Mangoes TU	Mangoes MU
1	100	100	50	50
2	190	90	95	45
3	270	80	135	40
4	340	70	170	35
5	400	60	200	30
6	450	50	225	25
7	490	40	245	20
8	520	30	260	15

Unit	Oranges TU	Oranges MU	Mangoes TU	Mangoes MU
1	100	100	50	50
2	190	90	95	45
3	270	80	135	40
4	340	70	170	35
5	400	60	200	30
6	450	50	225	25
7	490	40	245	20
8	520	30	260	15