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A goal of the consumer is to maximize utility.
a. if the budget constraint is M=P1X1+P2X2 show graphically and explain the unique bundle that will maximize utility given the consumer's tastes. Explain why this bundle is unique and optimal. Inlcude in your answer a mathematical explanation describing the equilibrium condition for utility maximization.
b. If the consumer's income falls, explain and show graphically any adjustments that will be made in the consumer's purchases of X1 and X2. Compare the mathematical expression describing the utility maximizing bundle at the two levels of income.
c. On separate diagrams, plot the income-consumption curves for X1 and X2. Explain why each has the particular shape drawn.
The company sales forecast to double from $1,000 in 2013 to $2,000 in 2014. Here is the Dec 2013 balance sheet: Cash-$100, accounts receivable-$200, Inventories-$200, Net fixed assets-$500= Total assets-$1,000. All assets except fixed assets must inc..
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Demonstrate ethical scholarship in accurate representation and attribution of sources; and display accurate spelling, grammar, and punctuation.
Antitrust legislation is an attempt by government to make competition
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What can it be sold for now if a buyer's desired return is 4 percent per 6 months?
Ketchup is a complement (as well as a condiment) for hot dogs. If the price of ketchup decreases, using a supply and demand diagrams for hot dogs, show what happens to equilibrium price, equilibrium quantity for hot dogs, and total revenue for produc..
Sales are 3,100 at a price of $200 and 2,400 at a price of $300. Calculate the price of elasticities of demand using $200 as the base value; then use $300 as the base value. Calculate the arc price elasticity and compare the three calculations. How d..
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