Preferences and Utility

Ranking without measuring

Marginal utility that fades

Indifference curves

Reading the picture

A student says "bundle A gives me 20 utils and bundle B gives me 10, so A is twice as good as B." Which part of that sentence does standard consumer theory accept, and which does it reject?

A commuter's marginal utilities from slices of pizza are 40, 30, 20 and 10 utils for slices one through four. What does this pattern imply about her willingness to pay for successive slices?

Moving along an indifference curve, a consumer gives up 2 muffins to gain her first extra coffee, and gives up 0.5 muffins to gain her third extra coffee, with her marginal utility of muffins constant at 12 utils. Compute her marginal utility of coffee at the third coffee in utils, using MRS times MU of muffins, and write the number.

A consumer reports bundle A gives 20 utils and bundle B gives 10 utils. Which statement is legitimate?

Slices of pizza deliver marginal utilities of 50, 35, 20 and 5 utils. After how many slices does marginal utility first fall below 25 utils?

A commuter's marginal utilities from pizza slices are 40 for the first, 30 for the second and 20 for the third. Compute her total utility from eating exactly two slices in utils, and write the number.