From the table above, the total utility for the individual who consumes 3 units of commodity X is

Assessment: JAMB UTME - Economics - 1998 Subject: Economics

Question 1 Report

From the table above, the total utility for the individual who consumes 3 units of commodity X is

Answer Details
The table above shows the total utility that an individual receives from consuming different quantities of commodity X. Total utility refers to the overall satisfaction or happiness that an individual derives from consuming a particular product or service. To find the total utility for the individual who consumes 3 units of commodity X, we simply look at the table and locate the row that corresponds to 3 units. From the table, we can see that the marginal utility of the first unit is 100, the marginal utility of the second unit is 80, and the marginal utility of the third unit is 50. To find the total utility of consuming all three units, we add the marginal utility of each unit together: Total utility = Marginal utility of the first unit + Marginal utility of the second unit + Marginal utility of the third unit Total utility = 100 + 80 + 50 Total utility = 230 units Therefore, the total utility for the individual who consumes 3 units of commodity X is 230 units. In summary, to find the total utility for a particular quantity of commodity X, we add up the marginal utility for each unit consumed up to that quantity. For the individual who consumes 3 units of commodity X, the total utility is 230 units.

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning