The quantity demanded of lobsters

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Reference no: EM131004761

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

a. The highest quantity of lobsters demanded.

b. What is the marginal net utility (consumer surplus) when the market price is $ 4.00 a lb.

c. Complete the table of the demand schedule

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

Reference no: EM131004761

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