Suppose the following table shows your demand schedule for CDs. Price Quantity Demanded $15 1 12 3. 6. (a) What is your total utility from four CDs? Total utility: $ (b) What is your marginal utility from the fourth CD? Marginal utility: $| (c) If the price is $6, how much will your consumer surplus be? Consumer surplus: $

Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter5: Consumer Choice: Individual And Market Demand
Section: Chapter Questions
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Suppose the following table shows your demand schedule for CDs.
Price
Quantity Demanded
$15
1
12
9.
9:56
6.
4
(a) What is your total utility from four CDs?
Total utility: $
(b) What is your marginal utility from the fourth CD?
Marginal utility: $
(c) If the price is $6, how much will your consumer surplus be?
Consumer surplus: $
Transcribed Image Text:Suppose the following table shows your demand schedule for CDs. Price Quantity Demanded $15 1 12 9. 9:56 6. 4 (a) What is your total utility from four CDs? Total utility: $ (b) What is your marginal utility from the fourth CD? Marginal utility: $ (c) If the price is $6, how much will your consumer surplus be? Consumer surplus: $
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