User Account

All Pages

Find the consumer optimal consumption bundle

Assignment Help Business Economics
Reference no: EM133083652

Suppose that item 1 is pumpkin and item 2 is milk. Suppose that m = 54. Suppose that pumpkins are p 1 = 2 each. Milk is p 2 = 7 per gallon for the ?rst two gallons. After the second gallon, it drops to 4 per gallon. suppose that the consumer's utility function is u(x 1 , x 2 ) = min{3x 1 , 2x 2 }. Sketch some indi?erence curves in your graph. Find the consumer's optimal consumption bundle (x ∗ , x ∗ ).

Reference no: EM133083652

Questions Cloud

Elements and benefits of SCM integration : What are the motivations for an organization to have a good supply chain management (SCM) system and elements and benefits of SCM integration
Impact of the trade between botswana and ghana : Explain the impact of the trade between Botswana and Ghana on the absolute and relative input prices in both countries.
Globalization is the integration of the world-economy : Explain the following definition of Globalization:"Globalization is the integration of the world-economy."
Politics and economics are two sides of the same coin : Discuss the phrase, "Politics and Economics are two sides of the same coin." - Explain it.
Find the consumer optimal consumption bundle : Suppose that item 1 is pumpkin and item 2 is milk. Suppose that m = 54. Suppose that pumpkins are p 1 = 2 each. Milk is p 2 = 7 per gallon for the ?rst two gall
Discuss the major security concerns in erp systems : Compare and contrast traditional outsourcing with the Software as a Service. Under what conditions should a company choose SaaS over traditional outsourcing
Draw a schematic diagram : Draw a schematic diagram showing the way Globalization affects the world.
Compare russia and australia : Compare Russia and Australia according to their economic competitiveness, resource abundance, development, and growth.
Do you think that regional trade agreements : Do you think that Regional Trade Agreements (RTAs)are stepping stones or obstacles to global trade liberalization, and why do you think liberal theorists cannot

Reviews

Write a Review

Business Economics Questions & Answers

  Explain four of the six problems common to oil states

List and explain four of the six problems common to oil states.

  Explain merger and acquisition strategies

Explain merger and acquisition strategies and how they relate to strategic competitiveness. Discuss the mergers and acquisitions that the UFC has made? How have these increased UFC's strategic competitiveness?

  Explain the implicit costs of production

Suppose that a firm produces 140,000 units a year and sells them all for $15 each. The explicit costs of production are $1,700,000 and the implicit costs of pro

  What is slurping turtles short run total cost function

Suppose production function for noodle soup at Slurping Turtle is Q =4k^1/2 L^1/2. They currently own 4 units of capital and are not able to change this during the short run. The rental rate of capital is $10 and the wage rate is $20. What is Slurpin..

  What would be the quantity traded

Suppose demand is still described by P=5.10-0.80Q and supply is described by P=1.90-0.20Q. If there is a price floor of 2.94, what would be the quantity traded?

  Net benefit for society

The quantity demanded of the resource in each year is given by the equation Qt = 10 - Pt . The marginal cost of extraction is zero.

  Which of the trade theories below

Which of the trade theories below are the most appealing and why?

  How many output will the firm produce

How many output will the firm produce? What is the total revenue? What is the total cost

  Geometric gradient series cash flow

Calculate the present worth of the following geometric gradient series cash flow: Annual interest Rate =7.07 %, Annual cash flow increases 20% each year, The first year value is $58 and the series is 8 yrs long. Present your answer with 2 decimal pla..

  What is the firms optimal capital-labor ratio

Suppose a firm’s production function is: f(E,K) = 40K0.25E0.75 The corresponding marginal product functions are: MPK = 10K-0.75E0.75 and MPE = 30K0.25E-0.25 Suppose initially that the hourly wage is $9 and the price of each unit of capital is $15. If..

  In pure competition-marginal revenue

In pure competition-marginal revenue

  Amount of the expected synergy

What is the $ amount of the expected synergy? What is the value of Pixar to Disney?

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