Question 3 Quantity Total Utility Marginal Utility 150 2 320 3. 450 4 520 5 550 6. 550 7. 430 8 300 The above table shows Kenzi's Total Utility for Enfamil. A tub of Enfamil costs $4,000. Required: (a) Copy and complete the above table. (b) If Kenzie has an income of $80,000 anu she wishes to add cereal to her consumption What is the scope of the budget line if a tin of cereal costs $400. Draw the budget line to explain your calculations. (e) Based on the graph below what is consumer surplus for Enfamil if buyers are WTP $3,000 per tin? Enfamil Demand Curve 5500 5000 4500 4000 3500 g3000 2500 2000 1500 1000 500 6. Quantity
Question 3 Quantity Total Utility Marginal Utility 150 2 320 3. 450 4 520 5 550 6. 550 7. 430 8 300 The above table shows Kenzi's Total Utility for Enfamil. A tub of Enfamil costs $4,000. Required: (a) Copy and complete the above table. (b) If Kenzie has an income of $80,000 anu she wishes to add cereal to her consumption What is the scope of the budget line if a tin of cereal costs $400. Draw the budget line to explain your calculations. (e) Based on the graph below what is consumer surplus for Enfamil if buyers are WTP $3,000 per tin? Enfamil Demand Curve 5500 5000 4500 4000 3500 g3000 2500 2000 1500 1000 500 6. Quantity
Chapter1: Making Economics Decisions
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Transcribed Image Text:Question 3
Quantity Total Utility Marginal Utility
150
320
3.
450
4
520
550
6.
550
430
8.
300
The above table shows Kenzi's Total Utility for Enfamil. A
tub of Enfamil costs $4,000.
Required:
(a) Copy and complete the above table.
(b) If Kenzie has an income of $80,000 anu she wishes to
add cereal to her consumption What is the scope of the
budget line if a tin of cereal costs $400. Draw the budget
line to explain your calculations.
(e) Based on the graph below what is consumer surplus for
Enfamil if buyers are WTP $3,000 per tin?
Enfamil Demand Curve
5500
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
5.
"quantity
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