Question
In: Economics
The table below shows Heather's evaluation of different quantities of pairs of shoes:
The table below shows Heather's evaluation of different quantities of pairs of shoes:
| Pairs of Shoes | Total Utility | Marginal Utility |
|---|---|---|
| 0 | $0 | |
| 1 | $110 | |
| 2 | $210 | |
| 3 | $280 | |
| 4 | $320 | |
| 5 | $350 |
a. (1 pt) Complete the Marginal Utility column in the table above.
b. (1 pt) How much is marginal utility when Heather goes from buying 3 pairs of shoes to 4 pairs? What does this number mean?
c. (1 pt) Assume that the price of a pair of shoes is $100. How many pairs should Heather buy?
d. (1 pt) Prepare a demand schedule showing Heather's demand for shoes. Explain the reasoning behind her demand.
e. (1 pt) Graph the demand curve. Then, explain why diminishing marginal utility implies that the demand curve slopes downward (negative slope).
f. (1 pt) is Heather's marginal utility for shoes likely to change if her income decreases? Explain.
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
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