1 . Total and marginal utility Raphael enjoys drinking milk, since his mother tells him it will make him grow up strong. The following table contains information on Raphael's utility from milk each day. Fill in the two missing cells of the table. Milk Total Utility Marginal Utility (Glasses) (Utils) (Utils per glass) 0 0 60 60 50 40 W 150 180 20 5 200 10 210 On the following graph, use the purple points (diamond symbol) to plot Raphael's total utility (TU) curve if he consumes zero, one, two, three, four, five, or six glasses of milk per day.Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 240 216 192 168 145 120 TOTAL UTILTY (Utils) 98 72 48 25 5 2 3 MILK (Glasses) On the following graph, use the blue points (circle symbol) to plot Raphael's marginal utility (MU) curve from consuming his first six glasses of milk.On the following graph, use the blue points (circle symbol) to plot Raphael's marginal utility (MU) curve from consuming his first six 80 70 50 40 MARGINAL UTILITY (Utils) 30 20 10 constant 0 2 3 4 5 MILK (Glasses) decreasing increasing For Raphael, increasing his consumption of milk results in marginal utility.1t] . Producer surplus and price changes The following graph shows the supply.f curve for a group of students looking to sell used math textbooks. Each student has onlyr one used textbook to sell. Each rectangular segment under the supply.r curve represents the cost, or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell their used textbook. 240 200 Maria E Kevin ____________+ 12o B ---------:+ Hilary PRICE (Dollars per used textbook) 8 Brian 0 1 2 a 4 s e- QUANTITY (Used textbooks} Region A [the purple shaded area] represents the total producer surplus when the market price is , while region B (the grey shaded area] represents 7 when the market price V . the change in total producer surplus Complete t atements are true or false based on the information provided on the previous graph. the total producer surplus Stateme True False Producer surplus is smaller when the price is $140 versus when it is $100. O O Assuming each student receives a positive surplus, Crvstal will always receive more producer surplus than Edison. O Q There are more people selling used textbooks when the market price is $140 than when it is $100. O O In order for Maria to earn a producer surplus of exactly:r $60 from selling a used textbook! the market price needs to be . Region A (the purple shaded area) represents the total producer surplus when the market price is $ , while region B (the grey shaded area) represents when the market price changes from $100 to $140 Complete the following table by indicating which statements are true or false bat d on the previous graph. is $100 Statement True False changes from $160 to $140 Producer surplus is smaller when the price is $140 versus when it is $100. O O is $140 Assuming each student receives a positive surplus, Crystal will always receive ison. O O There are more people selling used textbooks when the market price is $140 than when it is $100. O O In order for Maria to earn a producer surplus of exactly $60 from selling a used textbook, the market price needs to be $