At what price the consumer ceases to purchase y

Assignment Help Econometrics

Reference no: EM13223730

The consumer's utility function is U(x, y) = 3x + 2y. Let Px = 2, I = 12.

(a) If price Py is too high, the consumer will not want to purchase any y. Find the lowest price Py at which the consumer ceases to purchase y.

(b) What is the demand function for good y (quantity y as a function of Py)?

Reference no: EM13223730

Questions Cloud

Compute how many moles of each product : For the reaction shown, calculate how many moles of each product form when the given amount of each reactant completely reacts. Assume that there is more than enough of the other reactant. C3H8(g)+5O2(g)->3CO2(g)+4H2)(g)

Should the pricing decisions in argentina be delegated : Should the pricing decisions in Argentina be delegated to the local managers? Why or why not?

Find some update facts for each case to support theme : Microeconomic influences on Wal-Mart in Mexico) in this chapter illustrate the major theme of this text: changes in the macro environment affect individual firms and industries through the microeconomic factors of demand, production, cost, and pro..

What is a good recommendation for bjb manufacturing company : what is a good recommendation for BJB manufacturing company quality management initiative proposal.

At what price the consumer ceases to purchase y : The consumer's utility function is U(x, y) = 3x + 2y. Let Px = 2, I = 12. (a) If price Py is too high, the consumer will not want to purchase any y. Find the lowest price Py at which the consumer ceases to purchase y.

Compute delta h for the solution process : Calculate Delta H kJ/mol NH4NO3 for the solution process. NH4NO3 ( s) yields NH4 (there is a plus sign above the four)(aq) + ^ + NO3(negative sign above the three) (aq)

Show the intercepts and slopes for pat and kris : Pat and Kris are roommates. They spend most of their time studying (of course), but some time for their favorite activities: making pizza and brewing root beer. Pat takes 4 hours to brew a gallon of root beer and 2 hours to make a pizza.

Explain gasoline is composed primarily of hydrocarbons : Gasoline is composed primarily of hydrocarbons, including many with eight carbon atoms, called octanes. One of the cleanest-burning octanes is a compound called 2,3,4-trimethylpentane, which has the structural formula shown in the figure.

How descriptive statistics are related to data distribution : Explain how descriptive statistics are related to data distribution graphs and how effective this qualitative method is in describing population characteristics.

User Account

All Pages