I the quantity demanded of lobsters is 012345 and 6 the

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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

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