Already have first three parts of the question. Just need final three parts (I, ii, and iii) The following is a table showing Erica's marginal benefit from purchasing bottles ofsoda and bottles of iced tea from a grocery store.Quantity of Soda (inbottles)12345Marginal Benefit of Soda (indollars)2418B12T63Quantity of Iced Tea (Inbottles)123U := =45Marginal Benefit of Iced Tea (indollars)241812A. What is Erica's total benefit from purchasing 2 bottles of soda and 1 bottle oficed tea? Show your work.6B. Assume the price of a bottle of iced tea is $5. Calculate the total consumersurplus if Erica purchases 3 bottles of iced tea. Show your work.3C. Now assume the price of a bottle of soda is $3 and the price of a bottle of icedtea is $. Erica spends her entire budget of $30 onof soda and iced tea.$80 on bottles oi. Explain why Erica does not maximize her benefit when she purchases 2 bottlesof soda and 4 bottles of iced tea. Use marginal analysis to explain your answer.ii. what are the optimal quantities of soda and iced tea at these prices?iii. Suppose the price of a bottle of iced tea drops to $3. Calculate Erica's cross-price elasticity of demand for bottles of soda with respect to the price of bottles oficed tea, and state whether the 2 goods are substitutes or complements. Showwork

Price of soda=$3Price of iced Tea=$6M=30

The following is a table showing Erica's marginal benefit from purchasing bottles of soda and bottles of iced tea from a grocery store. Quantity of Soda (in bottles) Marginal Benefit of Soda (in dollars) Quantity of Iced Tea (In bottles) Marginal Benefit of Iced Tea (in dollars)

The following is a table showing Erica's marginal benefit from purchasing bottles of soda and bottles of iced tea from a grocery store. Quantity of Soda (in bottles) Marginal Benefit of Soda (in dollars) Quantity of Iced Tea (In bottles) Marginal Benefit of Iced Tea (in dollars)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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