Karen O'Brien Has the Demand Schedule for Grapefruit Shown in the Table

question 31

Essay

Karen O'Brien has the demand schedule for grapefruit shown in the table below.
A)Her total utility for four grapefruits would be ____.
B)Her marginal utility from the fifth grapefruit would be ____.
C)If the price were 40 cents,her consumer surplus would be ____.
$$\begin{array} { | c | c | c | c | } \hline \text { Price } & \text { Quantity Demand } & \text { Marginal Utility } & \text { Total Utility } \\\hline \$ 1.00 & 1 & & \\\hline \$ .70 & 2 & & \\\hline \$ .50 & 3 & & \\\hline \$ .40 & 4 & & \\\hline \$ .25 & 5 & & \\\hline\end{array}$$

• A)Her total utility for four grapefruits would be ____.
• B)Her marginal utility from the fifth grapefruit would be ____.
• C)If the price were 40 cents,her consumer surplus would be ____.
• \[\begin{array} { | c | c | c | c | }
• \hline \text { Price } & \text { Quantity Demand } & \text { Marginal Utility } & \text { Total Utility } \\
• \hline \$ 1.00 & 1 & & \\
• \hline \$ .70 & 2 & & \\
• \hline \$ .50 & 3 & & \\
• \hline \$ .40 & 4 & & \\
• \hline \$ .25 & 5 & & \\
• \hline
• \end{array}\]

Understand the concept of the production possibilities curve and its implications for economic efficiency and growth.

Recognize the impact of historical events, like the Black Plague, on economic structures and production capabilities.

Identify how technological progress and legal system improvements affect economic growth and the production possibilities curve.

Analyze the role of entrepreneurs in economic development and the process of creative destruction.