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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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