Question: 7. The following data represents Jason's dollar marginal utility for each successive drum of water he consumes in a week. a) Complete the following Quantity

7. The following data represents Jason's dollar marginal utility for each successive drum of water he consumes in a week. a) Complete the following Quantity Dollar Marginal demand schedule for the Consumed Utility ($) water. [3 marks] 1 Price Quantity 5 Demanded 2 4 6 3 3 5 4 2 4 3 b) Using the demand schedule in 2 question a), construct Jason's demand curve below. [4 marks] price 4 ( 8 Mu ) 8 c) If the price were set at $1 per drum, how many drums would Jason purchase? [1 mark] 14 d) At a price of $1 per drum, what is Jason's total consumer surplus? Suppose partial units cannot be purchased - only whole drums (i.e. don't use the "area of a triangle" formula). [2 marks]

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