1. Emily goes to a music store looking to buy the latest Bruno Mars CD. She's willing to pay up to $18.99 but is told at the cash register that all CD's are marked down by 1/3rd. What's the value of Emily's consumer surplus? 2. There are six potential buyers of computer games each willing to buy only one game. Person 1 will pay $40; Person 2 will pay $35; 3, $30; 4, $25; 5, $20; and 6, $15 . If the market price is $29, what is total consumer surplus? . If the price decreases by $10, what is total consumer surplus now? 3. To Vivien clothing has a marginal utility of 20 utils and food a marginal utility of 20 utils. If clothing cost $4 and food $8, is Vivien doing her best in terms of satisfaction? If not, what could she do? 4. Suppose food costs $12 and clothing costs $2 and clothing has a marginal utility of 6 utils. What is the marginal utility of food? 5. Renee buys a Cadillac instead of a Chevrolet. The caddy costs exactly twice as much as the Chevy. What can we conclude about Renee's marginal utility of owning a Cadillac relative to a Chevrolet? 6. "Consumers are nuts! They pay hardly anything for water which is highly valuable and pay too much for diamonds which have little value! What law of economics does this statement ignore and why