User Account

All Pages

Determine whether andrew has maximised his utility

Assignment Help Microeconomics
Reference no: EM133525836

Question: Andrew use his income to purchase two types of goods: movie tickets and concert tickets. Suppose that the marginal utility of a movie ticket is 150 utils and the cost is RM10 per ticket, while the marginal utility of a concert ticket is 550 utils and the cost is RM100 per ticket. Using the cardinal utility approach, determine whether Andrew has maximised his utility. Please provide the explanation. What Andrew should do in order to maximise his utility?

Reference no: EM133525836

Questions Cloud

Roses and thorns-what was old information : Roses and Thorns-What was old information? What was new information? What is causing you grief?
Qualitative research in the area of positive psychology : Reciprocal determinism is one of the unique aspects of a systems approach. Explain the benefits of more qualitative research in the area of positive psychology.
What is the role of patient education strategies : What is the role of patient education strategies in reducing the use of substances as a coping mechanism in patients with mental health?
What were the circumstances of clairvius : What were the circumstances of Clairvius Narcisse's disappearance for eighteen years and what makes this case of "zombification" unique?
Determine whether andrew has maximised his utility : determine whether Andrew has maximised his utility. Please provide the explanation. What Andrew should do in order to maximise his utility?
Compare and contrast asian family dynamics : Compare and contrast Asian Family Dynamics with Western Family Dynamics. Be sure to include marriage practices, gender roles, & parenting practices
What has been general trend for multi-factor productivity : What has been the general trend for multi-factor productivity in the U.S. over the past 15 years? What does this trend suggest has happened to production
Definition of neuroscience : Come up with a definition of neuroscience. What do you think are the kinds of jobs a neuroscientist can do?
Create a case study of patient based on your assigned group : Students will be randomly selected to participate in groups of three. Create a case study of a patient based on your assigned group topic.

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