Where possible, complete the missing cells in the table below.
The total utility of the first bag of french fries is , the second bag of french fries is , and the third bag of french fries is role="math" localid="1651853961635" . The marginal utility of the fourth french fries is and the bag of the fifth french fries is.
Total utility is the total utility that a consumer receives after consuming all goods. Marginal utility is the utility that a consumer receives after consuming additional good.
In the table above, you need to calculate the total and marginal utility of cheeseburgers and french fries. Marginal utility is equal to the change in total utility divided by the change in quantity.
The total utility of the third cheeseburger is , the fourth cheeseburger is , and the fifth cheeseburger is . The marginal utility of the first cheeseburger is role="math" localid="1651853457906" and the marginal utility of the second cheeseburger is
In an effort to reduce their total costs, many companies are now replacing paychecks with payroll cards, which are stored-value cards onto which the companies can download employees' wages and salaries electronically. If the only factor of production that a company varies in the short run is the number of hours worked by people already on its payroll, would shifting from paychecks to payroll cards reduce the firm's total fixed costs or its total variable costs? Explain your answer.
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