Complete the reading in the text - do the "Test Your Understanding" questions as well as the assigned Study Questions. Match the following: For the Test Your Understanding question (click this link) that asks about "next purchase" based on Marginal Utility and Price - what would be her next purchase IF the prices for an Apple was $1.40; A beer/cider was Choose. $4.25; Ice Cream cost $1.50 and Hot Dogs were $1.70 each? Choose For the Test Your Understanding question that asks about marginal utility per dollar spent for apples and pears ... how cheese whirls many of each kind of fruit would she purchase IF she were to make ONLY 5 purchases? $100 $6 to Jan and $4 to Dean For the Test Your Understanding question that shows a table of total utility for two children - Jan and Dean - for 5 ice cream bars and 5 cookies weekly allowances WHAT if you can only afford to pay them a total allowance for the household of $6 - how Nacho Chips would you divide this amount of money to maximize their combined total utility? (Hint - calculate the MU for $400 $8 each dollar given) $5 to Jan and $1 to Dean For the Test Your Understanding question that shows a table about the quantity demanded and prices for chocolate- $12.50 covered kumquats what is the TOTAL consumer surplus if the price is $7? (Hint. Assume that the Demand curve Ice Cream intersects the vertical axis at $11 meaning that NONE would be bought .. this means we would calculate the area of a potatoe chips triangle to determine the surplus value in this question) 2 muffins; 2 soups, and 1 cappuccino $2 to Jan and $3 to Dean Study Problem - 3 - Erika has a dilemma - What IF the prices for the snacks are $1.85 for potato chips, 1.40 for 4 muffins, 1 soup; and 3 cappuccino's cheese whirls and $1.50 for nacho chips - Using the same Marginal Utilities and if she could only buy ONE 5 ice cream bars and 4 cookies $10 which snack would she buy? 5 apples and 4 pears Study Problem - 6 - What if Christian's budget allowed him to make a TOTAL of NINE purchases - how many units of 2 apples and 3 pears 5 cookies and 2 ice cream bars each product would he buy? Study Problem - 8 - Using your completed table - what if Maria has $11.50 to spend on breakfast - how would Choose. she allocate her budget? Study Problem - 15- using the Figure that depicts the demand for grape oil - WHAT is the total consumer surplus if the Choose price per liter is $3