1. Consuming 6 widgets provides 230 total utility, while consuming 7 widgets provides 245 total utility. What is the marginal utility of consuming the seventh widget?
Provide your answer below:
2. Consuming 8 widgets provides 299 total utility, while consuming 9 widgets provides 333 total utility. What is the marginal utility of consuming the ninth widget?
Provide your answer below:
3. The price of widgets has decreased from $4 to $3, causing the quantity demanded to increase from 400 to 450 units. Use the midpoint method to calculate the price elasticity of demand. Round to two decimal places and use absolute values.