Refer to the scenario above. The average payoff of the bet is:

Refer to the table above. The total cost per month is the lowest if Ryan chooses to rent Apartment ________

A) 1 B) 2 C) 3 D) 4

Water is essential to life while diamonds, while beautiful, are not essential to life. In the marketplace, diamonds are very expensive while water is relatively cheap. We can resolve this paradox by focusing on

a. total utility rather than average utility b. average utility rather than marginal utility c. marginal utility rather than total utility d. total utility rather than marginal utility e. average utility rather than total utility