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Question 1 9 pts Suppose Paula's marginal value schedule for steaks each week is given in the following table {for this problem, assume Paula can

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Question 1 9 pts Suppose Paula's marginal value schedule for steaks each week is given in the following table {for this problem, assume Paula can only buy steaks in whole units; i.e. use the discrete values given in the table, do not graph as a linear, continuous demand curve). Steaks Pa Week Paula has two options for where she can purchase steaks. She can purchase steaks at Dianne's Out Back Steak House, where Dianne personally prepares the steak in her specially designed kitchen in a building behind her restaurant, or Paula can purchase steaks at Rachel's Gourmet Steak Palace. Paula knows that the two restaurants are actually offering identical steaks. Dianne charges $7 per steak and Rachel charges $12 per steak. Use this information to answer the following questions. A. If Paula eats at Dianne's Out Back Steak House, how many steaks would Paula eat each week and how much total consumer surplus would Paula receive each week? (Work must be shown for full credit). B. If Paula eats at Rachel's Gourmet Steak Palace, how many steaks would Paula eat each week and how much total consumer surplus would Paula receive each week? (Work must be shown for full credit). C. Suppose that Dianne charges a weekly membership fee for the right to purchase steaks at Dianne's Out Back Steak House. If steaks are the only thing that Paula would buy, what is the most that Paula would be willing to spend on a membership fee in order to be able to eat at Dianne's Cat Back Steak House? Briey explain your reasoning

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