User Account

All Pages

Discuss why and how preferences might change over time

Assignment Help Microeconomics
Reference no: EM13321463

Consumer preferences for various commodities did not change during the analysis. In some situations, however, preferences do change as consumption occurs. Discuss why and how preferences might change over time with consumption of these two commodities:

a. cigarettes.

b. dinner for the first time at a restaurant with a special cuisine.

Reference no: EM13321463

Questions Cloud

Do you think bridget and erin have the same preferences : With food on the horizontal axis and clothing on the vertical axis, identify on a graph the set of points that give Bridget the same level of utility as the bundle (10,5). Do the same for Erin on a separate graph.
Estimate the steady state concentration in the airshed : Consider a box model for an air shed over a city that is 1 X 105 m on a side, with a height of 1200 m induced by a temperature inversion. Winds with no SO2 blow at 4 m/s agains one side of the box.
Janelle does not care at all about styling and wants : If Jane is currently willing to trade 4 movie tickets for 1 basketball ticket, then she must like basketball better than movies. True or false? Explain.
Is inventor claim valid to have an invented adiabatic flow : An inventor claims to have invented an adiabatic steady-flow device with a single inlet-outlet that produces 100 kW when expanding 1 kg/s of air from 900 kPa and 300 degrees C to 100 kPa.
Discuss why and how preferences might change over time : Consumer preferences for various commodities did not change during the analysis. In some situations, however, preferences do change as consumption occurs.
What is the difference between ordinal utility and cardinal : What is the difference between ordinal utility and cardinal utility? Explain why the assumption of cardinal utility is not needed in order to rank consumer choices.
Determine the horizontal and vertical components at pin c : the jib crane is supported by a pin at c and a rod at ab if the load has a mass of 2Mg with its com located at g determine the horizontal and vertical components of the reaction at the pin c
Calculate the position of the image formed by the lens : A small object is placed to the left of a convex lens and on the optical axis. What is the position of the image formed by the lens
What happens to the marginal rate of substitution as you : What happens to the marginal rate of substitution as you move along a convex indifference curve? A linear indifference curve?

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