1. Lemmy is eating chocolate bars. The first bar gives him a marginal utility of 26 utils. The second bar gives him a marginal utility of 17 utils. His total utility after eating 3 bars was 43 utils. The marginal utility of the third chocolate bar was __________ utils.

2.  

Consider the following demand equation:

Qd = 87 - 3P

Using the point elasticity formula, find the price elasticity of demand at a price of P = 12. Your answer will likely be a decimal. Round it to the nearest 2 places.

The price elasticity of demand is _____________.

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The detailed answer for the above question is provided below 3 utils The marginal utility of the third chocolate bar can be found by subtracting the c... View the full answer