The following table shows Ellie's utility from consuming slices of pie and cans of 7 - Up. Slices of Pie 0 12345 6 Marginal Utility from Last Slice 120 100 80 60 40 20 Cans of 7-Up 0 1 7234 5 6 Marginal Utility from Last Can 120 60 45 30 20 15 Suppose Ellie has $6 per week to spend on pie and 7 - Up and that the price of a slice of pie is $1.00. 1.) Use the point drawing tool to plot Ellie's demand for 7-Up at a price of $2.00. Label this point 'A'. 2.) Use the point drawing tool to plot Ellie's demand for 7-Up at a price of $0.50. Label this point 'B'. 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. G Price of 7-Up 5- 4.5- 4- 3.5- 3- 2.5- 2- 1.5- 1- 0.5- 0- 0 1 2 4 Quantity of 7-Up 5

The following table shows Ellie's utility from consuming slices of pie and cans of 7 - Up. Slices of Pie 0 12345 6 Marginal Utility from Last Slice 120 100 80 60 40 20 Cans of 7-Up 0 1 7234 5 6 Marginal Utility from Last Can 120 60 45 30 20 15 Suppose Ellie has $6 per week to spend on pie and 7 - Up and that the price of a slice of pie is $1.00. 1.) Use the point drawing tool to plot Ellie's demand for 7-Up at a price of $2.00. Label this point 'A'. 2.) Use the point drawing tool to plot Ellie's demand for 7-Up at a price of $0.50. Label this point 'B'. 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. G Price of 7-Up 5- 4.5- 4- 3.5- 3- 2.5- 2- 1.5- 1- 0.5- 0- 0 1 2 4 Quantity of 7-Up 5

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Consumer Choice Theory

Section: Chapter Questions

Problem 3SQP

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