my roll no is 2

7. Using the following information, calculate total utility and marginal utility. (4) i) Plot the total utility curve. ii) Plot marginal utility directly below total utility. iii) At what marginal utility value does total utility reach a maximum? Price Total Utility Marginal Utility Your roll number 300 Your roll number + 1 350 Your roll number + 2 350 Your roll number +3 220 Your roll number +4 100 Your roll number +5 50 Your roll number +6 20 Your roll number +7 0 Your roll number +8 -100 8. State the statements true for false. Justify the false statement. (5) i) Command economy is an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services. ii) Indifference curve slopes upward. iii) The amount of one good a consumer will give up to obtain more of another good is called opportunity cost. iv ) The decision to choose one alternative over another occurs when that alternative's marginal benefits exceed its marginal utility. V) Externality is the ability of a single person or firm to unduly influence market prices