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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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Chapter
Section
BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 5, Problem 5TY
Textbook Problem
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Draw a graph showing the consumer’s surplus Jim would get from his strawberry purchase in Test Yourself Question 4, and check your answer with the help of your marginal utility table.

To determine

The consumer surplus with the help of table and diagram.

Explanation of Solution

The table that represent the marginal utility is:

Price ($)QuantityMarginal utilityMarginal net utility (surplus)
3 0
3 1 5 2
3 2 4 ...

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