Karen O'Brien has the demand schedule for grapefruit shown in the table below.



A) Her total utility for four grapefruit would be _____.

B) Her marginal utility from the fifth grapefruit would be _____.

C) If the price were 40 cents, her consumer surplus would be _____.




A) $2.60

B) $.25

C) $2.60 - $1.60 = $1.00

Economics

You might also like to view...

The above figures show the market for gasoline. Which figure shows the effect of motorists increasing the number of times they take the bus to work rather than driving their own cars?

A) Figure A B) Figure B C) Figure C D) Figure D

Economics

Comment on the following statement: The level and growth rate of real GDP per capita can be a misleading indicator of development

At the same time, countries that experience sustained increases in real GDP per capita over time will tend to be more developed.

Economics

During the past decade, India has invested about 22% of its GDP while China's investment rate has been double that of India's. India's annual growth rate has been about 6% while that of China has been about 9%. What conclusions can you draw?

What will be an ideal response?

Economics

The political incentive structure tends to

a. encourage a balanced budget regardless of economic conditions. b. discourage budget deficits during recessions. c. encourage budget surpluses during both recessions and expansions. d. encourage budget deficits during both recessions and expansions.

Economics