Inthis chapter you will learn:. 5.1 About total utility, marginal utility, and the law of diminishing marginal utility. 721 views • 22 slides. Consumer Behavior. Consumer Behavior. The goal of consumer behavior is utility maximization Consumer choice among various alternatives is subject to constraints: income or budget prices of goods Thetable shows Vladimir's total and marginal utility from eating steaks. What is the marginal utility that Vladimir gets from eating the 2nd steak (y)? 5 12 13 20 Expert Solution. Trending now This is a popular solution! Step by step Solved in 2 steps. See solution. Check out a sample Q&A here. Marginalutility is the additional utility, or satisfaction, obtained from the consumption of one additional unit of a certain good. The example below will help make things clearer. Let's assume that the utility of Josh is quantified in "utils". Josh consumed a total of 4 cookies. marginalutility of the third unit is 54. marginal utility of the second unit is 11. total utility of 6 units is 123. total utility of 7 units is 32. Bottom of Form. Answer the question based on the table below showing the marginal utility schedules for product X and product Y for a hypothetical consumer. TheLaw Of Diminishing Marginal Utility is a fundamental principle of Economics that states that as consumption increases, marginal utility declines. This is a rule of thumb that is used as an assumption to support many economic models and theories. There are exceptions to this rule. For example, a inline skating enthusiast needs exactly 8 new wheels to get back into the sport such that 1-7 Themarginal utility of each additional unit consumed is smaller and smaller until eventually an additional unit makes a negative addition to the total utility. Figure 6.1 shows that total utility rises as more of the good is consumed but at a decreasing rate. Totalutility and marginal utility. Total utility is total satisfaction that an individual obtain from all units of a particular commodity consumed over a period of time. Marginal utility is the change in total utility that results from addition of one unit change in consumption of the commodity within a given period of time. ExpertAnswer. Q) marginal utility of the second unit is answer-option b) 6 The given table shows total utility and marginal utility schedule. From the given table we can see that when 2nd unit is consumed, marginal utility is given to be 6 . Option a is inc . O9jaq6P.