ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Don't use ai to answer I will report your answer Solve it Asap with explanation and calculation
Mo likes milkshakes. (3 marks)
a. If Mo consumes five milkshakes per week, what is the total value he
places on his weekly milkshakes?
b. If the market price of a milkshake is $6, how many milkshakes will Mo buy
and consume in one week?
c. If the market price of a milkshake is $6, what is weekly consumer surplus Mo
gets from milkshakes?
Milkshakes Mo's willingness to pay
First
Second
Third
Fourth
Fifth
Sixth
Seventh
$15
$13
$10
$7
$5
$2
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Transcribed Image Text:Mo likes milkshakes. (3 marks) a. If Mo consumes five milkshakes per week, what is the total value he places on his weekly milkshakes? b. If the market price of a milkshake is $6, how many milkshakes will Mo buy and consume in one week? c. If the market price of a milkshake is $6, what is weekly consumer surplus Mo gets from milkshakes? Milkshakes Mo's willingness to pay First Second Third Fourth Fifth Sixth Seventh $15 $13 $10 $7 $5 $2
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