Refer to the information provided in Table 6.2 below to answer the question(s) that follow.
Table 6.2
$$\begin{array} { | c | c | c | }
\hline \begin{array} { c }
\text { Number of } \
\text { Candy Bars per Day }
\end{array} & \text { Total Utility } & \text { Marginal Utility } \
\hline 1 & 40 & \
\hline 2 & 75 & \
\hline 3 & 100 & \
\hline 4 & 115 & \
\hline 5 & & 5 \
\hline \begin{array} { c }
\text { Number of } \
\text { Hot Dogs per Day }
\end{array} & \text { Total Utility } & \text { Marginal Utility } \
\hline 1 & 30 & \
\hline 2 & 54 & \
\hline 3 & 72 & \
\hline 4 & 84 & \
\hline 5 & & 6 \
\hline
\end{array}$$
-Refer to Table 6.2. Diminishing marginal utility sets in after the ________ candy bar per day.
A) first
B) second
C) third
D) fourth

Question

Refer to the information provided in Table 6.2 below to answer the question(s) that follow.
Table 6.2
 $$\begin{array} { | c | c | c | } 
\hline \begin{array} { c } 
\text { Number of } \
\text { Candy Bars per Day }
\end{array} & \text { Total Utility } & \text { Marginal Utility } \
\hline 1 & 40 & \
\hline 2 & 75 & \
\hline 3 & 100 & \
\hline 4 & 115 & \
\hline 5 & & 5 \
\hline \begin{array} { c } 
\text { Number of } \
\text { Hot Dogs per Day }
\end{array} & \text { Total Utility } & \text { Marginal Utility } \
\hline 1 & 30 & \
\hline 2 & 54 & \
\hline 3 & 72 & \
\hline 4 & 84 & \
\hline 5 & & 6 \
\hline
\end{array}$$
-Refer to Table 6.2. Diminishing marginal utility sets in after the ________ candy bar per day.
A) first
B) second
C) third
D) fourth

Quizplus · Accepted Answer

The concept of diminishing marginal utility is observed when the additional satisfaction (marginal utility) gained from consuming an additional unit of a good decreases as more of that good is consumed. In the table, the total utility increases from 40 to 75 to 100 to 115 as the number of candy bars consumed increases from 1 to 4. This means the marginal utility (the increase in total utility from consuming one more candy bar) decreases with each additional candy bar, indicating that diminishing marginal utility sets in after the first candy bar.

Refer to the Information Provided in Table 6 -Refer to Table 6