User Account

All Pages

Draw a set of indifference curves for jones and a second

Assignment Help Microeconomics
Reference no: EM13321506

Suppose that Jones and Smith have each decided to allocate $1000 per year to an entertainment budget in the form of hockey games or rock concerts. They both like hockey games and rock concerts and will choose to consume positive quantities of both goods. However, they differ substantially in their preferences for these two forms of entertainment. Jones prefers hockey games to rock concerts, while Smith prefers rock concert to hockey games.

a. Draw a set of indifference curves for Jones and a second set for Smith.

b. Using the concept of marginal rate of substitution, explain why the two sets of curves are different from each other.

Reference no: EM13321506

Questions Cloud

Is the actual flow in the pipeline laminar or turbulent : Oil flows through the Trans-Alaska pipeline. Because oil is viscous, you might think that the flow is laminar. (a) What is the minimum flowrate (m3/s) for which the flow would likely be laminar.
Explain write the reduction half-reaction occuring at the c : For the following battery: Cd(s) | CdCl2(aq) || Cl-(aq) | Cl2(l) | C(s) (a) Write the reduction half-reaction occuring at the C(s) electrode. (Include physical states of reactants and products.)
The process on the discussion board : Complete your Portfolio Project assignment, focusing on making sure that you have all of the necessarycomponents as set forth in the rubric. Spend time making sure that the formatting meets SEU APA standards,and thoroughly proofread and grammar-check..
What is the change in internal enery of the system : A system consists of 3.0 kg water at 80 degrees Celsius 30 J of work is done on the system by stirring with a paddel wheel, What is the change in internal enery of the system
Draw a set of indifference curves for jones and a second : Suppose that Jones and Smith have each decided to allocate $1000 per year to an entertainment budget in the form of hockey games or rock concerts
Explain what is the theoretical yield in grams of c2h2 : CaC2 + 2 H2O --> Ca(OH)2 + C2H2 If 100. g of CaC2 and 100. g H2O are mixed, what is the theoretical yield (in grams) of C2H2 that can be produced
Find the angle of refraction in the air : A light ray passes from water into air. The angle of incidence is 37o. Find the angle of refraction in the air
Anne has a job that requires her to travel three out of ever : Anne has a job that requires her to travel three out of every four weeks. She has an annual travel budget and can travel either by train or by plane. The airline on which she typically flies has a frequent-traveler program that reduces the cost of he..
Determine what is the internal tensile stress with beam : If a concrete beam with a f'c=4000psi experiences a drop in temperature of 30 Degrees F, What is the internal tensile stress. Will the concrete crack. What could i do to prevent cracking.

Reviews

Write a Review

Microeconomics Questions & Answers

  Substantially lessen competition to create a monopoly

Describe the phenomenon of market foreclosure. Specifically, describe how a vertical merger may "substantially lessen competition or tend to create a monopoly" through virtue of market foreclosure.

  Information about mergers

How does the demand curve faced by a perfectly competitive firm differ from the market demand curve in a perfectly competitive market? Explain.

  Style of an academic journal article

Write your paper in the style of an academic journal article. The in-class readings, as well as articles published in The Rand Journal,

  Can you demonstrate some of these changes graphically

Give examples of scenarios that would cause a change in demand versus a movement along the same demand curve and supply curve for this product. Discuss the new equilibrium price and quantity that result from these changes. Can you demonstrate some..

  What is second degree price discrimination

Graph the typical consumer’s demand curve. Use your graph to figure out what price Philadelphia Electric should charge for the first 400 Kilowatts used. What should it charge for the next 400 Kilowatts? the next 400?

  Explain long run equilibrium and inflation rate

Suppose the annual inflation rate is at 2% and 8.5% of the labor force is currently unemployed. If you were on the Fed's Open Market Committee, what action would you prescribe? How would this affect the economy, the inflation rate, and the unemplo..

  Analyse the strategy of a firm of choice

You are required to analyse the strategy of a firm of your choice. You need to pick a firm and identify the strategy that the firm uses to compete with its rivals.

  Define the standard of living

Define the standard of living. Describe the measure or measures that you would include in this concept and justify your answer. Describe the ways that the standard of living has changed for Americans in the past two centuries or so.

  Discuss relationships between production and cost

Discuss on relationships between production and cost, highlighting the equivalence between diminishing marginal productivity and increasing marginal costs.

  What is the equilibrium quantity of milk if the market price

The demand for milk is given by Q=120,000-20,000P. a. What is the equilibrium quantity of milk if the market price is $3.00? b. What is the equilibrium quantity of milk if the market price drops to $2.90?

  Impact on the equilibrium price and quantity

Show, using supply and demand analysis, impact on the equilibrium price and quantity of new Hybrid automobiles when following occurs. Using graphs, explain the change in equilibrium price and quantity,

  Crowding in effect depends on the sensitivity of investment

The crowding-in effect depends on the sensitivity of investment

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