Explain utility maximizing rule for consumers

Assignment Help Other Subject

Reference no: EM13312931

Please explain the utility maximizing rule for consumers. If you have $10, price of product A is $1, and price of product B is $2, and you bought 4 product A and 3 product B. In this situation, your total utility of 3 product A is 12, and that of 4 product A is 18, and your total utility of 2 product B is 15 and that of 3 product B is 33. Is your consumption of product A and product B maximizing your utility? If that is not, what is your recommendation?

Reference no: EM13312931

Questions Cloud

Cutting-edge technical processes : Because of its cutting-edge technical processes, the CEO of Pro-X Components, Inc., has told the Miguel, the HR director, that Miguel must attract “the cream of the crop” for all scientific job openings in the company. Miguel needs to do all of the f..

Comprehensive analysis-external labor market for each job : A comprehensive analysis of all current jobs in the organization can answer all of the following questions EXCEPT

The organizations retention of knowledge : The organization’s retention of knowledge within itself is threatened by retirees taking all of their skills and knowledge with them when they leave. All of the following are potential solutions to that problem EXCEPT

Performance is slipping : Anthony’s performance has been lower in the last six months than his average in the previous three years. Anthony’s supervisor wants to understand why Anthony’s performance is slipping. It is obvious that Anthony’s ability has not changed, so the sup..

Explain utility maximizing rule for consumers : Please explain the utility maximizing rule for consumers. If you have $10, price of product A is $1, and price of product B is $2, and you bought 4 product A and 3 product B. In this situation, your total utility of 3 product A is 12, and that of 4 p..

The solids in the pulpy juice bypass : In a process for concentrating 1000kg of freshly extracted orange juice containing 12.5 wt% solids, the juice is strained, yielding 800kg of strained juice and 200kg of pulpy juice. the strained juice is concentrated in a vacuum evaporator to give an..

What is the selectivity of the desired product : Maleic anhydride is used in the production of benzene.The reaction follows below. C4H2O3 + 2CO3 + 2H2O equals to C6H6 + 9/2 O2 10000g/h of Maleic anhydride, 17000g/h carbon dioxide and 15000g/h water are feed into a reactor.

Charismatic or transformational leader : Would you classify Bill Gates as a charismatic or transformational leader? Why? Consider the followers and employees of Gates. What are some unique characterisitcs of Gate's followers that might identify him as charismatic or transformational?

Sun spend on its hayashi track : The sun took 30 million years to evolve from a collapsing cloud core to a star, with 10 million of those years spent on it hayashi track. it will spend a total of 10 billion years on the main sequence. suppose we were to compress the suns main-sequen..

User Account

All Pages