Determine derek income

Assignment Help Business Economics
Reference no: EM131805845

The price of CDs is $15 and the price of pizzas is $10. Derek spends all of his income buying 2 CDs and 6 pizzas per week (and nothing else). Determine Derek's income, draw his budget line and represent his utility-maximizing point using an indifference curve.

Reference no: EM131805845

Questions Cloud

Two-country large-open economy model : Explain fully and then illustrate your argument using the two-country large-open economy model of the goods market.
Prepare the balance sheet for tres amigos : Dave and Reba Guerrera saved all their married life to open a bed and breakfast named Tres Amigos. Prepare the balance sheet for Tres Amigos based on the data.
Forward a tax plan : President Trump has put forward a tax plan that would significantly cut personal and corporate income taxes in the U.S. Assume that Congress passes
Konrade''s engine company has the option of purchasing : Konrade's Engine Company has the option of purchasing the part from an outside supplier
Determine derek income : Determine Derek's income, draw his budget line and represent his utility-maximizing point using an indifference curve.
Prepare a cvp income statement through contribution margin : Assuming all costs and expenses are 70% variable and 30% fixed, prepare a CVP income statement through contribution margin
Write about ppe and accumulated depreciation : Write about PPE and accumulated depreciation. How are these values changing from year to year: PPE, Accumulated Depreciation, and Net PPE?
Differences between private and public goods : What are the primary differences between private and public goods? Why might one be more efficiently provided by markets while the other is not? Explain.
What is the current account balance : What is the current account balance? Is it deficit or surplus?What is the financial and capital accounts (please combine two accounts) balance?

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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