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The table shows the marginal value (MV) schedule for person A. The marginal values are measured in dollars. Assume that the buyer will buy if
The table shows the marginal value (MV) schedule for person A. The marginal values are measured in dollars. Assume that the buyer will buy if the price is smaller and equals the MV. Enter your answers in numerals.
Quantity of X | MV |
1 | 20 |
2 | 18 |
3 | 16 |
4 | 14 |
5 | 12 |
6 | 10 |
7 | 8 |
8 | 6 |
9 | 4 |
10 | 2 |
11 | 0 |
1. How many units of X would Person A purchase at the price of 14 per unit of X?
2. How many units of X would Person A purchase at the price of 8 per unit of X?
3. Person A's total expenditure for the quantity he purchased at the price of 8 is
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