Suppose This Table Shows Your Demand Schedule for Tee Shirts

question 33

Essay

Suppose this table shows your demand schedule for tee shirts.(a)What is your total utility from three tee shirts? (b)What is your marginal utility from the third tee shirt? (c)If price were $2,how much would your consumer surplus be?
$$\begin{array} { | c | c | c | c | } \hline \text { Price } & \text { Quantity Demanded } & \text { Marginal Utility } & \text { Total Utility } \\\hline \$ 6 & 1 & & \\\hline \$ 5 & 2 & & \\\hline \$ 4 & 3 & & \\\hline \$ 3 & 4 & & \\\hline \$ 2 & 5 & & \\\hline \$ 1 & 6 & & \\\hline\end{array}$$

---

Definitions:

Capital Contributions

Monetary or non-monetary assets that are provided to a company by its owners or shareholders to increase its equity.

Capital Account

An account on a country's balance of payments that records transactions involving the acquisition or disposal of assets and liabilities.

Income Distribution

The manner in which total income is spread amongst the shareholders, partners, or other stakeholders in a company or economy.

Net Income

The total profit of a company after all revenues, expenses, taxes, and dividends have been deducted.