WAEC Economics 2010 Theory — Question 1
Question 1 of 23 from the West African Examinations Council (WAEC) Economics 2010 Theory paper, with the correct answer and a full explanation.
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SECTION A (Answer one question only from this section) 1. [Table: A traveller's consumption of bottles of Coca-Cola. No. of bottles: 1-7; Total Utility: 15,29,42,D,65,75,E; Marginal Utility: 15,F,13,12,G,H,0] (a) Complete the missing figures D, E, F, G and H. (5 marks)
Model answer
Marginal Utility (MU) = ΔTU/ΔQ. F = TU2-TU1 = 29-15 = 14. D = TU3+MU4 = 42+12 = 54. G = TU5-TU4 = 65-54 = 11. H = TU6-TU5 = 75-65 = 10. E = TU6+MU7 = 75+0 = 75 (since marginal utility for the 7th bottle is 0, total utility remains 75).
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