I the quantity demanded of lobsters is 012345 and 6 the, Ask an Expert

Economics

I. The quantity demanded of lobsters is 0,1,2,3,4,5, and 6. The derived total utility is respectively 0, 15, 23, 25, 25, 22, and 12.

Find:

a. The highest quantity of lobsters demanded. Why?

b. What is the marginal net utility (consumer surplus) when the market price is $ 4.00 per lbs. why?

c. Complete the table of the demand schedule and graph the demand curve

d. What can you conclude about the graph and why?

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9744829

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question country n a relatively small impoverished country

Question: Country N, a relatively small, impoverished country, discovers a huge reservoir of crude oil, for which the costs of lifting are less than 10% of the market price. Explain what happens to (a) the growth rate, ( ...

Question tom jones beef jerky is naturally high in protein

Question: Tom Jones Beef Jerky is naturally high in protein and low in fat, calories, and carbs that make it an ideal snack for active, health conscious individuals. The only problem is that consumer research shows that ...

Question 1on what basis did the court conclude that

Question: 1. On what basis did the court conclude that Microsoft was a monopoly (see "Market Share")? 2. What was Microsoft's market share of Intel-compatible PC operating system? Of all operating system, including those ...

Question at your favorite bond store you see the following

Question: At your favorite bond store, you see the following prices: • 1-year $100 zero selling for $90.19 • 3-year 10% coupon $1000 par bond selling for $1000 • 2-year 10% coupon $1000 par bond selling for $1000 Assume ...

Question this problem set considers some of the empirical

Question: This problem set considers some of the empirical issues involved in implementing a comparable worth policy (a policy that assigns equal wages to jobs that are judged to be "comparable"). Economists typically do ...

Question how does a government agency raise revenue

Question: How does a government agency raise revenue differently from a private company, and how does that affect the way government decisions are made, compared to business decisions? The response must be typed, single ...

Question businesses continually pressure the federal

Question: Businesses continually pressure the Federal Reserve to lower nominal interest rates. They argue that this action will lead to beneficial results in the economy. Using the Ep - Y diagram in the Simple Keynesian ...

Question examine the advantages of a natural monopoly

Question: Examine the advantages of a natural monopoly. Identify different examples of natural monopolies (list by name). Discuss the government's role in authorizing and regulating natural monopolies (list specific acti ...

Question - a firm is considering moving its manufacturing

Question - A firm is considering moving its manufacturing plant from USA to a new location in Qatar. The Industrial Engineering Department was asked to identify the various alternatives to relocate the plant. The enginee ...

Question 1 have you personally experienced globalization

Question: 1) Have you personally experienced globalization? How? 2) Write a two argument bullet points in favor or against globalization citing minimum one source. The response must be typed, single spaced, must be in ti ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert