I.The quantity demanded of lobsters is 0,1,2,3,4,5, and 6. The derived total utility is respectively...

Question

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?

David · Accepted Answer

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: 
	Q
	Total utility
	Marginal utility
	0
	0
	-
	1
	15
	15
	2
	23
	8
	3
	25
	2
	4
	25
	0
	5
	22
	-3
	6
	12
	-10
a. The highest quantity of lobsters demanded. Why?

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...

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