Solved

Suppose This Table Shows Your Demand Schedule for Buffalo Chicken

Question 62

Essay

Suppose this table shows your demand schedule for Buffalo chicken wings.(a)What is your total utility from four wings? (b)What is your marginal utility from the fifth wing? (c)If the price is $.25,how much will your consumer surplus be?
 Price  Quantity Demanded  Marginal Utility  Total Utility $1.001$.902$.803$.654$.505$.406$.257$.108\begin{array} { | c | c | c | c | } \hline \text { Price } & \text { Quantity Demanded } & \text { Marginal Utility } & \text { Total Utility } \\\hline \$ 1.00 & 1 & & \\\hline \$ .90 & 2 & & \\\hline \$ .80 & 3 & & \\\hline \$ .65 & 4 & & \\\hline \$ .50 & 5 & & \\\hline \$ .40 & 6 & & \\\hline \$ .25 & 7 & & \\\hline \$ .10 & 8 & & \\\hline\end{array}

Correct Answer:

verifed

Verified

\[\begin{array} { | c | c | c | c | }
...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions