1. EQ #3 – AGEC 105 (4 pts in total) Capps - Sept. 11, 2013
Given the following data:
The MU between 3 and 5 wings is ____________________.
The marginal utility of any good declines with increases in the consumption of that good. This phenomenon is referred to as the ________________.
Quantity of Wings
Total Utility
Marginal Utility (MU) 3 60 -- 5 90 ?

2. (a) This diagram represents a(an) _________.
(b) True or False. 8 pizzas and 2 wings represent the same level of satisfaction as 6 pizzas and 3 wings.
(c) True or False. If we move from curve I1 to I2, total utility decreases.
For a representative consumer, 8 tacos and 2 hamburgers generate the same utility as 4 tacos and 4 hamburgers.
(a) How many tacos must the consumer give up in order to get one more hamburger?
(b) What is the technical name associated with this trade-off?
Qpizza A 8 6 I2 B I1
Qwings

3. Random Question
What U.S. president was a successful liquor distributor and owned a distillery? Hint: He also gave the shortest inaugural address on record.