Consumption in order to increase her total utility

Assignment Help Business Economics
Reference no: EM13860228

Tom consumes positive quantities of both jam and juice. the price of jam is 5 cents per unit and the price of juice is 10 cents per unit. Her marginal utility of jam is 10 and her marginal utility of juice is 55. Without changing her total expenditure, how should she adjust her consumption in order to increase her total utility?

Reference no: EM13860228

Questions Cloud

Calculate the effective rate of protection : Suppose that the production of $1 million worth of steel in Mexico requires $100,000 worth of taconite. Mexico's nominal tariff rates for importing these goods are 20 percent for steel and 10 percent for taconite. Given this information, calculate th..
Family session using an ecomap : After viewing the "Client Session Transcript - Using an Ecomap" media presentation, identify the primary family themes in the transcript. Discuss how using the ecomap could be appropriate for this family.
State-funded lung transplants and some other transplants : AZ approved 98 patients for organ transplants, but those patients have been told they can no longer receive transplants because of budget cuts. The state is facing a $1.5 billion budget deficit and has cut all of their state-funded lung transplants a..
Rise of dynasties in the middle east : What was the role of tribes in the rise of dynasties in the Middle East according to IbnKhaldun?
Consumption in order to increase her total utility : Tom consumes positive quantities of both jam and juice. the price of jam is 5 cents per unit and the price of juice is 10 cents per unit. Her marginal utility of jam is 10 and her marginal utility of juice is 55. Without changing her total expenditur..
Calculate his demand for each good : Assume that the price of x is $2 and the price of y is $1 and Brian has an income of $10. How much does he consume of each good? Assume Brian's income increases to 20$, calculate his demand for each good and explain whether Brian considers x and y to..
Inverse demand curve for widgets-cournot-nash equilibrium : The inverse demand curve for widgets is P = 130−2Q. There are two firms, A and B, who produce widgets. Each firm has a constant marginal and average cost of producing the good that equals 10. What is the Cournot-Nash equilibrium? You need to solve th..
Creating an ecomap : In this assignment, you will explore dynamic strengths and weaknesses of families. Review the Client Session Tools media piece and develop an ecomap of one of the three Riverbend City case study families or, if you prefer, of own family system.
What would the average profits be for the 10 games : Simulate the sales of programs at 10 football games. Use the last column in the radom number table and begin at the top of the column and what would the average profits be for the 10 games simulated in part (a)?

Reviews

Write a Review

Business Economics Questions & Answers

  Why are usage-based insurance rates lower

Why are usage-based insurance rates lower than at-rate insurance fees? Give two separate reasons and explain.

  Suppose two firms sell an homogeneous product

Suppose two firms sell an homogeneous product; they compete in prices. Their respective marginal costs are MC1 (q) = 10 and MC2 (q) = 20. Find the prices that form equilibrium (for simplicity and reality, assume that prices are quoted in units no sma..

  Explain how many cases of toothpaste should be produced

Explain how many cases of toothpaste should be produced in order to maximize profits. Illustrate what happens if its decided to raise prices unilaterally in this toothpaste market.

  A nash equilibrium is said to occur when

A Nash equilibrium is said to occur when,

  Competitive firms will try to earn more than normal profit

Competitive firms will always try to earn more than a normal profit by doing the following, except

  What is the principal-agent problem

What is the principal-agent problem? When will the principal agent problem be most severe? Why might there be a principal-agent problem between the stockholder owners and the managers of a large corporation?

  Economic profit and accounting profit

In your own words, and using research sources other than the textbook, distinguish between economic profit and accounting profit. Please cite references

  Illustrate the marginal revenue curve

Illustrate the marginal revenue curve that corresponds to positive marginal revenue. Line segments will automatically connect the points.

  What should we be doing with welfare policy and why

What Should we be Doing with Welfare Policy and Why? You are asked whether current antipoverty policy meets three generally accepted goals of helping, preserving work incentives, and minimizing cost and what changes you would favor and why.

  Explain firm output and labour employed in short run

Production When you have completed your study of this chapter, you will be able to 1 2 3 4 Explain how economists measure a firms cost of production and profit. Explain relationship between a firm output and labour employed in short run.

  Markets exist to facilitate exchange between people

Two goods are substitutes if an increase in the price of one good leads to an increase in demand for the other. The market system works by getting each person, motivated by his or her own self-interest, to produce products for other people. Markets e..

  Q1 recall that abc company has periodically borrowed funds

q1. recall that abc company has periodically borrowed funds but contemplates a stock or bond offering so that it can

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!

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