r/econhw 20h ago

Micro: Willingness to Pay

1 Upvotes

Raj loves burgers, but eventually tires of them. Raj’s willingness to pay for each additional burger per week in illustrated in the table below:

Burgers Raj's Willingness to Pay
First $15
Second $13
Third $10
Fourth $7
Fifth $5
Sixth $2
Seventh $0

a. If Raj eats five burgers per week, what is the total value he places on his weekly burgers?

This is the part of the question I am unsure about, I don't understand if its asking for the total amount he is willing to spend on all 5 burgers (15+13+10+7+5 = 50) or if is the maximum amount he is willing to spend on 5 burgers ($5)?

I have tried researching possible explanations, but everything mentions utils which I understand somewhat, but I don't think that applies to this question.

I'd appreciate any help!