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:

Open Shops

Workplaces where union membership is not required as a condition of employment.

Wage Rates

The amount of compensation paid to employees for their labor, measured per unit of time or piece of work done.

Productivity of Labor

The output per labor hour or the efficiency with which labor is utilized in the production process.

Monopsonist

An entity that is the only buyer in a market, giving it significant control over the price and terms of purchase of goods or services.