If the total utility from consuming five units of a product is 245, and the marginal utility of a sixth unit is 2, then the total utility from consuming six units would be:

The long-run average cost curve will be downward sloping when the firm is experiencing:

Which of the following holds true?

The principle of diminishing marginal utility means that when Sarah eats pizza, her satisfaction from the second slice of pizza is probably _____ that from the first.

The minimum efficient scale of a firm:

Manny spends all of his income on tacos and milkshakes. Her income is $100, the price of tacos is $10, and the price of milkshakes is $2. If Manny purchases 10 milkshakes, he can purchase _____ tacos.

Which situation is consistent with the law of diminishing marginal utility?

The price of a product rises by 4% and the quantity of the product purchased falls by 12%. The price elasticity of demand is equal to _____, and demand is described as _____.

The price of good Y is reduced from $10 to $9  and, as a result, the quantity demanded increases from 5 to 6 units. Therefore, demand for Y in this price range:

Units of X Marginal Utility of X Units of Y Marginal Utility of Y 1 20 1 16 2 16 2 14 3 12 3 12 4 8 4 10 5 6 5 8 You are choosing between two goods, X and Y, and your marginal utility from each is as shown above.  If your income is $6.00 and the prices of X and Y are $2.00 and $1.00, respectively. How many units of good X will you purchase to maximize utility?