I the quantity demanded of lobsters is 012345 and 6 the

Assignment Help Microeconomics
Reference no: EM13375213

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?

Reference no: EM13375213

Questions Cloud

Review the constitution in appendix a and choose one of the : review the constitution in appendix a and choose one of the following sections of the u.s. constitution or a specified
1 a third national bank is fully loaned up with reserves of : 1. a. third national bank is fully loaned up with reserves of 20000 and demand deposits equal to 100000. the reserve
Question 1sales of shampoo by cleanhair inc have recently : question 1sales of shampoo by cleanhair inc. have recently decreased from 1300 to 1100 units in response to a price
Question 1 of 20nbspnbsp nbspthe i in irac stands for idea : question 1 of 20nbspnbsp nbspthe i in irac stands for idea. true or false.nbsp a. truenbsp b. falsequestion 2 of
I the quantity demanded of lobsters is 012345 and 6 the : i. the quantity demanded of lobsters is 012345 and 6. the derived total utility is respectively 0 15 23 25 25 22 and
Corey has a mountain bike worth 300 a credit card debt of : corey has a mountain bike worth 300 a credit card debt of 150 200 in cash a sandy koufax baseball card worth 400 1200
Section awrite 400 words that respond to the following : section awrite 400 words that respond to the following questions with your thoughts ideas and comments. include a
Section awrite 400 words that respond to the following : section awrite 400 words that respond to the following questions with your thoughts ideas and comments.there is a
Question 1 consider toms labor supply decision tom can earn : question 1. consider toms labor supply decision. tom can earn 15 per hour but he faces a 20 tax rate and pays 4 per

Reviews

Write a Review

Microeconomics Questions & Answers

  Determine the reliability of the tires

Explain which bridges you would choose to attempt to use. (Assume you can put one foot on a bridge to see if it collapses before you attempt to cross.)

  Problemyou are required to perform a project appraisal of a

problemyou are required to perform a project appraisal of a proposed new road. the road will be a dual lane by-pass

  Examine behavior of increasing cost industry

Assume you own the remodeling company. You're currently earning short-run profits. The home remodeling industry is an increasing cost industry. In the long run, what do you expect will happen to:

  Question on pricing and output decisions

Indicate whether each of the following statements is true or false and explain why. a) A competitive firm that is incurring a loss should immediately cease operations.

  Barriers to entry are crucial to the existence of long-run

Barriers to entry are crucial to the existence of long-run profits, but they cannot guarantee the existence of profits

  What circumstances would a discriminating monopolist produce

Under what circumstances would a discriminating monopolist produce more socially optimal quantity than a nondiscriminating monopolist Is there any situation under which a discriminating monopolist could produce the quantity that would be produced ..

  The economic problems facing the country

It is 1932 and you are an economic advisor to President Roosevelt. what advice would you give the president in light of the economic problems facing the country?

  Describe various revenue models available as video content

Describe various revenue models available as video content shifts from atoms to bits. What are the advantages and disadvantages to each-for consumers, for studios, for middlemen like television networks and Netflix

  Determining costs and maximizing profits for monopoly

A monopolist has demand and cost curves given by: Find out the quantity that maximizes profit? What is the revenue and profit at that point?

  When the monopoly set a uniform price fir the product

Assume that all consumers have identical demand curves for local telephone service, and the producer of such service is a monopoly. Compare price, output, profit and consumer surplus when (a) the monopoly set a uniform price fir the product. (b) t..

  What was that self-regulating natural order

"It is Adam Smith's greatest contribution that he recognized in the social world of economics what Isaac Newton had recognized in the physical world of the heavens: a self-regulating natural order." Paul Samuelson a. What was that "self-regulating..

  Q

question 1suppose x n30 144 and wn40225.a. if x and w are

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd