The following table shows Ellie's utility from consuming slices of cake and cans of 7- Up. 5- Marginal Utility from Slices Marginal Utility from Last Slice Cans 4.5- of of Cake 7- Up Last Can 4- 1 120 1 120 3.5- 100 80 60 3- 3 3 45 4 60 40 4 30 O 2.5- 20 6 20 15 E 2- Suppose Ellie has $3 per week to spend on cake and 7- Up and that the price of a slice of cake is $0.50. 1.5- 1.) Use the point drawing tool to plot Ellie's demand for 7- Up at a price of $0.50. Label this 0.5- point 'A'. 0+ 2.) Use the point drawing tool to plot Ellie's demand for 7- Up at a price of $1.00. Label this 6 point 'B'. Quantity of 7-Up (6,1) 3.) Use the line drawing tool to connect the dots to form Ellie's demand curve. Properly label this line. Carefully follow the instructions above, and only draw the required objects. Price of 7-Up

The following table shows Ellie's utility from consuming slices of cake and cans of 7- Up. 5- Marginal Utility from Slices Marginal Utility from Last Slice Cans 4.5- of of Cake 7- Up Last Can 4- 1 120 1 120 3.5- 100 80 60 3- 3 3 45 4 60 40 4 30 O 2.5- 20 6 20 15 E 2- Suppose Ellie has $3 per week to spend on cake and 7- Up and that the price of a slice of cake is $0.50. 1.5- 1.) Use the point drawing tool to plot Ellie's demand for 7- Up at a price of $0.50. Label this 0.5- point 'A'. 0+ 2.) Use the point drawing tool to plot Ellie's demand for 7- Up at a price of $1.00. Label this 6 point 'B'. Quantity of 7-Up (6,1) 3.) Use the line drawing tool to connect the dots to form Ellie's demand curve. Properly label this line. Carefully follow the instructions above, and only draw the required objects. Price of 7-Up

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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11
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