Draw indifference curves to represent types of preferences

Assignment Help Business Economics

Reference no: EM13852969

Santa Claus has preferences between milk and cookies. Draw indifference curves to represent the following types of preferences: a) Santa likes milk and cookies, and always gets the same satisfaction from 1 ounce of milk as he does 2 ounces of cookies. b) Santa likes cookies, but dislikes milk. c) Santa likes cookies, and neither likes or dislikes milk. d) Santa always consumes 1 ounce of milk with 2 ounces of cookies, or in that proportion (ie 2 ounces of milk and 4 ounces of cookies, etc)

Reference no: EM13852969

Questions Cloud

What techniques is is using to socialize their children : Consider the impact of socialization with children and the Islamic State (ISIS). In writing on the topic you should answer the following:A. What is the socialization process? B. When does it begin and end for humans? C. What techniques is IS..

Calculate the present value of the net benefits : Suppose the MWTP in periods 1 (now) and 2 (one year from now) is given by P = 8-0.4q. Marginal extraction cost = $2. r = 10%. The available supply is 20 units. Suppose 13 units are consumed in period 1 and 7 units in period 2. Calculate the present v..

Review the learning resources especially to err is human : Review the Learning Resources, especially To Err is Human: Building a Safer Health System and the Crossing the Quality Chasm: A New Health System for the 21st Century.

Economic theory would suggest that the profitability : Economic theory would suggest that the profitability of an industry would be

Draw indifference curves to represent types of preferences : Santa Claus has preferences between milk and cookies. Draw indifference curves to represent the following types of preferences: a) Santa likes milk and cookies, and always gets the same satisfaction from 1 ounce of milk as he does 2 ounces of cookies..

The growth and success of starbucks : Evaluate the role played by Howard Schultz in the growth and success of Starbucks. Is the company in danger of relying too heavily on Mr. Schultz?

Opportunity cost of attending two-year graduate program : Zack quits his job at a consulting firm, which pays $40,000 a year, to enrol in a two-year graduate program. His annual school expenses are $30,000 for tuition, $2,000 for books, and $600 for food. What is his opportunity cost of attending the two-ye..

Suppose an olligopoly consists of two firms : Suppose an olligopoly consists of two firms Firm A lowers price and Firm B responds by lowering its price by the same amount. If averages costs and industry output remain the same, which of the following what will occur

The impact of banks and non-bank financial institutions : The impact of banks and non-bank financial institutions on economic growth

User Account

All Pages