EQ #3 AGEC 105 (4 pts) September 12, Given the following data:

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EQ #3 AGEC 105 (4 pts) September 12, 2012 1. Given the following data: Quantity of Wings Total Utility Marginal Utility (MU) 2 58 -- 3 84 ?(a) 6 150 ?(b) The MU between 2 and 3 wings is ___26___________. The MU between 3 and 6 wings is ____22__________. When total utility is at a maximum, marginal utility is _____0________. The marginal utility of a good (i.e. cheese) declines with increases in the consumption of that good. This phenomenon is referred to as the Law of Diminishing Marginal Utility. For a representative consumer, 7 tacos and 5 hamburgers generate the same utility 4 tacos and 9 hamburgers. How many tacos must the consumer give up in order to get one more hamburger? -3/4 What is the technical name associated with this trade-off? marginal rate of substitution (MRS) 5. The graph of alternative consumption bundles that provide a consumer a given level of satisfaction is called a(n) indifference or iso-utility curve. ½ pt. 1 pt.