User Account

All Pages

Budget constraint and the indifference curve

Assignment Help Microeconomics
Reference no: EM132519013

Explain, with the aid of graphical illustrations, whether the point of tangency between the budget constraint and the indifference curve is a sufficient condition for consumption optimality between two goods. In your answer, explain why this may or may not be the case.

Reference no: EM132519013

Questions Cloud

The Chevy Cobalt : Review the article "Mary Barra's (unexpected) Opportunity" which can be found in the weekly reading. This article pertains to the Chevrolet Cobalt recall.
Make journal entry record acquisition of drilling platform : Make the journal entries to record the acquisition of the drilling platform, and the asset retirement obligation for the platform, on January 1, 2020.
What are the stackelberg equilibrium quantities for two firm : If Firm 1 moves first, what are the Stackelberg equilibrium quantities for the two firms (Q1 and Q2)?
Determine balance sheet classification of unearned portion : Ayayai Home Inc. offers its customers two furnace, Determine the balance sheet classification of the unearned portion of the revenue collected.
Budget constraint and the indifference curve : Explain, with the aid of graphical illustrations, whether the point of tangency between the budget constraint and the indifference curve is a sufficient
What is misty net income from continuing operations : What is Misty's net income from continuing operations? Misty Company reported the before-tax items during the current year Sales revenue
Example of homothetic preferences : Explain what type of behavior can be expected from homothetic preferences.
Constant or decreasing returns to scale : Bee's Brewery production function is given by = ( , ) = 2v, where K is the number of vats she uses and L is the number of labour hours.
Make summary journal entry for cash sale of one-time : Make the summary journal entry for the cash sale of 180 one-time plans for the current year, 90 discounted one-time plans for the following year.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd