Find julies optimal basket of consumption

Assignment Help Business Economics
Reference no: EM131589316

Julies utility function from food and clothing is U (F;C) = FC; here income, to be spent on food and clothing, is $12. Suppose that food costs $1 a unit for the rest 5 units bought; every additional unit of food (beyond 5) costs $2. Clothing costs $2 per unit always. Find Julies optimal basket of consumption.

Reference no: EM131589316

Questions Cloud

Identify the internal and external stakeholders : Discuss how internal or external stakeholders have influenced the situation in a positive or negative way?
Organizations of perfect competition and monopoly : What are the differences in the conclusions between the industrial organizations of perfect competition and monopoly?
Describe gdp growth-unemployment : Describe and explain economic conditions of Tech Bubble/Bust for the 1990's. Describe GDP growth, unemployment, inflation/recession.
What other factors play into capital budgeting decisions : Do we always select those projects that have the highest return on investment? What other factors play into capital budgeting decisions?
Find julies optimal basket of consumption : Clothing costs $2 per unit always. Find Julies optimal basket of consumption.
Encountered with change implementation : Explain how the Identified Change Would be Implemented in the Workplace .Describe Barriers that may be Encountered with Change Implementation .
Discuss revolutionary armed forces of columbia : One group that stuck out to me in this week's reading was FARC, also known as the leftist Revolutionary Armed Forces of Columbia (Sullivan & Beittel, 2013).
Performance of an economy : Monetary and fiscal policies are the main macroeconomic tools by which government can influence the performance of an economy?
Provide a historical background on the firm you have select : Company Proposal and Background: Provide a brief historical background on the firm you have selected, including the nature of its products or services.

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