Reference no: EM13206606
The following table gives a hypothetical total utility schedule for the Cookie Monster. Utility is measured in cents.
Number of cookies eaten Total Utility, cents Marginal Utility, cents
0 0
1 100
2 200
3 275
4 325
5 340
6 360
7 360
a. How many cookies will the Cookie Monster buy and eat if the price of each cookie is 5 cents? Explain what makes you think so.
b. How many cookies will the Cookie Monster buy and eat if the price of each cookie is 40 cents?
c. Given P=30c and your answer to part b above, what is the consumer surplus the Cookie Monster receives from the last cookie he buys and eats?
d. What is the TOTAL consumer surplus the Cookie Monster gets from ALL the cookies he buys at that price?
e. On graph paper, plot the Cookie Monster's total utility and marginal utility. Due to the difference in the order of magnitude, make them two separate graphs. In each case, put cookies on the horizontal axis and utility on the vertical.
f. Which of the two graphs you've plotted best represents the Cookie Monster's DEMAND for cookies?
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