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

Here are the solutions to the questions: Question 12: Step 1: Understand total utility. Total utility is the sum of marginal utilities from consuming each unit of a good. Step 2: Sum the marginal utilities for the first three loaves. From Table 1: Marginal utility of 1st loaf = 20 utils Marginal utility of 2nd loaf = 15 utils Marginal utility of 3rd loaf = 10 utils Total Utility = 20 + 15 + 10 Total Utility = 45 utils The correct option is C. The total utility of consuming the 3rd loaf of bread is C. 45. Question 13: Step 1: Identify the coordinates of point E and the slope of the demand curve. 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 (( P)/( Q)) is: Slope = (0 - 5)/(5 - 0) = (-5)/(5) = -1 Therefore, ( Q)/( P) = (1)/(Slope) = (1)/(-1) = -1. Step 2: Calculate the price elasticity of demand (PED) at point E. The formula for price elasticity of demand is: PED = ( Q)/( P) × (P)/(Q) Substitute the values for point E (P=1, Q=4) and the calculated ( Q)/( P): PED = -1 × (1)/(4) PED = -0.25 The coefficient of price elasticity of demand is usually reported as an absolute value. |PED| = |-0.25| = 0.25 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 0.25 (inelastic). Question 15: Step 1: Analyze the definition provided. 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. Step 2: Match the definition to the economic terms. • 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 A. Minimum price. Question 16: Step 1: Identify the given supply equation and the quantity. The supply equation is P = 10 + 0.8 Q_s. The quantity the producer will sell is Q_s = 20 units. Step 2: Substitute the quantity into the equation to find the price. P = 10 + 0.8 × 20 P = 10 + 16 P = 26 The correct option is D. The producer will sell 20 units at a price of D. 26. That's 2 down. 3 left today — send the next one.