Given the table demonstrating the law of diminishing margina…
Given the table demonstrating the law of diminishing marginal utility below, what is the value of X?
| No. of oranges Consumed | Total Utility | Average Utility | Marginal Utility |
|---|---|---|---|
| 1 | 9 | 9 | – |
| 2 | 16 | 8 | X |
| 3 | 24 | 8 | 6 |
| 4 | 30 | 7.5 | 4 |
| 5 | 34 | 6.8 | Y |
| 6 | 36 | 6 | 2 |
| 7 | 36 | 5.1 | 0 |
Explanation
This answer correctly explains the economic concept. Economics studies how people make choices about limited resources.
The other options describe different economic ideas or situations. They don’t fit what this question asks.
Remember this economic principle when thinking about money, trade, and how markets work.