The following table shows Ellie's utility from consuming slices of cake and cans of 7- Up. 5- Slices of Marginal Utility from Last Slice Cans of 7-Up Marginal Utility from 4.5- Cake Last Can 4- - 1 120 1 2 120 3.5- 2 100 60 3- 3 80 3 4 45 4 60 30 E 2.5- 40 5 6 20 15 6 20 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- 1.) Use the point drawing tool to plot Ellie's demand for 7- Up at a price of $0.50. Label this point 'A'. 0.5- 0- 2.) Use the point drawing tool to plot Ellie's demand for 7- Up at a price of $1.00. Label this point 'B'. 1 6 Quantity of 7-Up 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- Slices of Marginal Utility from Last Slice Cans of 7-Up Marginal Utility from 4.5- Cake Last Can 4- - 1 120 1 2 120 3.5- 2 100 60 3- 3 80 3 4 45 4 60 30 E 2.5- 40 5 6 20 15 6 20 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- 1.) Use the point drawing tool to plot Ellie's demand for 7- Up at a price of $0.50. Label this point 'A'. 0.5- 0- 2.) Use the point drawing tool to plot Ellie's demand for 7- Up at a price of $1.00. Label this point 'B'. 1 6 Quantity of 7-Up 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

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter10: Consumer Choice Theory

Section: Chapter Questions

Problem 9P

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