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 ____.
• \[\begin{array} { | c | c | c | c | }
• \hline \text { Price } & \text { Quantity Demand } & \text { Marginal Utility } & \text { Total Utility } \\
• \hline \$ 1.00 & 1 & & \\
• \hline \$ .70 & 2 & & \\
• \hline \$ .50 & 3 & & \\
• \hline \$ .40 & 4 & & \\
• \hline \$ .25 & 5 & & \\
• \hline
• \end{array}\]

---

Definitions:

Profit Income

The financial earnings exceeding the costs of production, often considered the reward for business risks.

Command System

An economic system where government decisions determine resource allocation and production choices.

Planning Board

A governing body or committee responsible for setting policies, goals, and procedures related to urban planning, development, and infrastructure projects.

Private Ownership

The legal rights of individuals or corporations to own property and assets, excluding governmental entities.