Plot the Demand for Caviar Given the Following Information on Quantity

question 199

Essay

Plot the demand for caviar given the following information on quantity consumed and total utility; then explain why caviar sells for such a high price.
$$\begin{array} { c c } \underline {\text { Quantity} } &\underline { \text { Tatal Utality} } \\\underline {\text { (in aunces)} } & \underline {\text { (in Aollars)} } \\1 & 50 \\2 & 75 \\3 & 88 \\4 & 95 \\5 & 99\end{array}$$

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Definitions:

Import

The process of bringing goods or services into one country from another for the purpose of selling.

Domestic Price

The price at which goods or services are sold within a country's borders, unaffected by import or export tariffs.

Equilibrium Level

The state at which market supply and demand balance each other, resulting in stable prices.

Exports And Imports

The selling of goods and services produced in one country to another country (exports) and the buying of goods and services from another country (imports).