Teachers at the local school have contacted the company We R' Write With a complaint. Teachers noticed that when We R' Write sold individual pencils, students made sure to take care of the pencils. However. when the company started selling larger packages of pencils, students started needlessly breaking their pencils, u5ing them for purposes otherthan doing school work or even Just throwing them away. You have been proVIded with information regarding the quantity and total utility gained from students purchasing different numbers of penCIls that is presented in Table 1 below. Table 2 provides information concerning pens. which will be used to answer the question in the third bullet below. - Explain the law of diminishing marginal utility from the standpmnt of economic theory as it applies to the situation described in the scenario - Explain what speCically We R' Write should understand about marginal utility as the quantity consumed increases that would explain why students become more reckless With their pencils when they purchase more Make sure to use economic concepts in your answer. Also, use the table below as a guide to help you explain this behavior to We R' Write so they can relate the information to the teachers - Using the table below and economic theory, what combination of pencils and sens would maximize utility? Briey explain how you determined this point. "able 1. Utility Associated With Consuming PenCiIs Quantity of Total Marginal IndiVidual Marginal Utility PenCIls Utility Utility Penal per Dollar tor Consumed Pnce Penells O 0 .2 m if 10 50 5 $0 25 $1.25 20 93 4.3 $0 25 $1.08 30 127 3.4 $0 25 $0.85 40 151 2.4 $0 25 $0.60 50 165 1.4 $0 25 $0.35 60 173 0.8 $0 25 $0.20 70 180 0.7 $0 25 $0.18 Table 2. Utility Associated With Consuming Pens Quantity of Individual Marginal Utility Pens Total Marginal Pen per Dollar for Consumed Utility Utility Price Pens 0 0 2 3.00 1.500 $3.50 $5.25 4 3.45 0.225 $3.50 $0.79 6 3.89 0.220 $3.50 $0.77 8 4.31 0.210 $3.50 $0.73 10 4.65 0.170 $3.50 $0.60 12 4.94 0.145 $3.50 $0.51 14 5.15 0. 105 $3.50 $0.37