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1.2 Individual economic decision making (A-level only)

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Question 2

An individual purchases five cans of craft soda per week to maximise their total utility from this beverage.

The price of craft soda increases by 40%, causing the individual's weekly consumption of the soda to change.

Which one of the following combinations shows the most likely changes in the individual's total utility and the marginal utility of the last unit consumed?

Total utility: Decrease | Marginal utility: Decrease

Total utility: Increase | Marginal utility: Decrease

Total utility: Decrease | Marginal utility: Increase

Total utility: Increase | Marginal utility: Increase

1.2 Individual economic decision making (A-level only) Questions

  1. A Level
  2. /Economics
  3. /1.2 Individual economic decision making (A-level only)