Economy produces only two goods

Assignment Help Business Economics
Reference no: EM131163258

An island economy produces only two goods, coconuts and pineapples. There are four people (Adam, Bella, Carla and Daniel) living on the island with following preference.

'Adam' has a stronger preference for pineapples but likes coconut too.

'Bella' hates pineapples but loves coconuts

'Carla' hates pineapple and hates coconuts

'Daniel' does not care one way or the other about about pineapples (assigns no value to them) but he loves coconut?

Please illustrate (draw) the preferences of Adam, Bella, Carla and Daniel.

Reference no: EM131163258

Questions Cloud

When the framers were designing the federal government : When the Framers were designing the federal government, they believed that the House of Representatives would be “the people’s” branch of government. Nowadays, however, many critics say that the House would be better described as “the insiders’” bran..
Easy for a teenager to use and understand : Click on links to review the descriptions of employees' rights. Do you think this website would be easy for a teenager to use and understand
Draw a use case model of the buyer purchasing a vehicle : Briefly explain what are objects, attributes, and methods of the O-O model. Draw an object model(s) and list a minimum of five attributes and five methods for the class and subclass for the XYZ Car Manufacturer (cars, minivans, trucks, SUVs, and hybr..
Find out the equivalent resistance between x and y : For a given circuit in fig. , find out the equivalent resistance between X and Y.
Economy produces only two goods : An island economy produces only two goods, coconuts and pineapples. 'Adam' has a stronger preference for pineapples but likes coconut too. 'Bella' hates pineapples but loves coconuts. 'Carla' hates pineapple and hates coconuts.
Problem regarding the accumulated profits : The fairest way to handle profits in any partnership arrangement is to divide things evenly. If there are two owners in the business, each gets 50%. If there are three owners (even if one is a limited partner), each gets 33.333% of any accumulated..
Find the bending moment along the portion ab : Find the bending moment along the portion AB of the rectangular frame shown in Fig. 4.49. One corner A is pinned; the other corner B is supported by rollers. Assume linear elastic behavior.
Define each component of an information system : Define each component of an information system. Define how you can use the five-component model to guide your learning and thinking about information systems.
What is the crossover rate and what is its significance : What is the crossover rate, and what is its significance? If each project's cost of capital were 10%, which project, if either, should be selected? If the cost of capital were 17%, what would be the proper choice?

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