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1. Suppose the following table reflects the total satisfaction (utility) derived from eating slices of pizza. Calculate the marginal utility of each slice of pizza and answer two questions about marginal utility. a. What is the marginal utility of each slice of pizza? Instructions: Complete each of the cells below. Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Quantity Consumed Total Utility Marginal Utility No slices First slice Second slice 0 30 60 - Third slice 80 Fourth slice 90 Fifth slice 95 Sixth slice 98 Seventh slice 95 b. Marginal utility first diminishes with slice number c. Marginal utility first turns negative with slice number 2. > 3. a. Complete the following table and answer two questions about costs. Instructions: Enter your responses rounded to the nearest whole dollar. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Rate of Output 0 1 2 3 Total Cost $100 $110 $150 $200 Marginal Cost -- Average Cost -- 4 5 $267 $370 b. What output has the lowest per-unit cost equal to marginal cost? c. What is the value of fixed costs? 4. > b. Between Year 1 and Year 2, (i) the number of unemployed persons decreased. increased. did not change. (ii) the unemployment rate increased. decreased. did not change. Using the information in the table and graph, answer the following questions. a. What is the equilibrium price units level? trillion in real GDP b. What is the equilibrium output? c. If the quantity of output demanded at every price level increases by $2 trillion, what happens to equilibrium output and prices? Output Prices 5. > 6. Using the information in the table and graph, answer the following questions. a. What is the equilibrium price level? trillion in real GDP b. What is the equilibrium output? c. If the quantity of output demanded at every price level increases by $2 trillion, what happens to equilibrium output and prices? Output Prices a. Did aggregate supply increase or decrease because of Hurricane Harvey? b. What are the macro results? Aggregate supply Output Price level c. How can the economy stay healthy in this case? Government could enact policy to cause aggregate demand to Government could enact policy to cause aggregate supply to