i the quantity demanded of lobsters is 012345 and


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?

Request for Solution File

Ask an Expert for Answer!!
Microeconomics: i the quantity demanded of lobsters is 012345 and
Reference No:- TGS0490739

Expected delivery within 24 Hours