What is the total utility of consuming the 3rd loaf of bread?

Total utility is the sum of marginal utilities from consuming each unit of a good.

From Table 1:
Marginal utility of 1st loaf = 20 utils
Marginal utility of 2nd loaf = 15 utils
Marginal utility of 3rd loaf = 10 utils

The correct option is C.
The total utility of consuming the 3rd loaf of bread is $\boxed{\text{C. 45}}$.

From Figure 1, point E has coordinates $(Q, P) = (4, 1)$.
The demand curve passes through $(0, 5)$ and $(5, 0)$.
The slope of the demand curve ($\frac{\Delta P}{\Delta Q}$) is:

Therefore, $\frac{\Delta Q}{\Delta P} = \frac{1}{\text{Slope}} = \frac{1}{-1} = -1$.

The formula for price elasticity of demand is:

Substitute the values for point E ($P=1$, $Q=4$) and the calculated $\frac{\Delta Q}{\Delta P}$:

The coefficient of price elasticity of demand is usually reported as an absolute value.

Since $0.25 < 1$, demand at point E is inelastic.
The coefficient of price elasticity of demand at point E is most likely to be $\boxed{\text{0.25 (inelastic)}}$.

The question describes a price P1 set by the government "below which it becomes illegal to sell". This means P1 is the lowest legal price.

• A minimum price (also known as a price floor) is a government-imposed lower limit on the price at which a good can be sold. Selling below this price is illegal.
• A maximum price (or price ceiling) is an upper limit, making it illegal to sell above it.
• A black market price is a price set in an illegal market, not a government-imposed limit. The description perfectly matches the definition of a minimum price. The correct option is A. The technical term is $\boxed{\text{A. Minimum price}}$.

The supply equation is $P = 10 + 0.8 Q_s$.
The quantity the producer will sell is $Q_s = 20$ units.

The correct option is D.
The producer will sell 20 units at a price of $\boxed{\text{D. 26}}$.