User Account

All Pages

Find the marginal rate of substitution

Assignment Help Basic Statistics
Reference no: EM131987943

Question 1

Everyday morning Stephanie has a breakfast that consists of milk (m) and bagel (b) with the utility function of u (b, m) = b2/3m1/3. Bagels cost $2 and milk costs $1 per cup. Her daily expenditure on breakfast is $12.

a) Suppose that she consumes 2 bagels and 8 cups of milk. Find the marginal rate of substitution. Is this an optimal choice? Why?

b) Suppose that she consumes 3 bagels and 3 cups of milk. Find the marginal rate of substitution. Is this an optimal choice? Why?

Reference no: EM131987943

Questions Cloud

How was the change propagated throughout the organization : Deliver the change: Describe the process by which Caterpillar delivered the change (project management, e.g.).
Write historical overview of the major educational policies : Write a brief historical overview of some of the major educational policies that have shaped ELL instruction.
What was the average repurchase price : Give the entry for the company's purchase of treasury stock. What was the average repurchase price?
What barriers did you encounter in trying to establish : Did your choice of collaboration tools support your efforts to establish connectedness? Explain why or why not.
Find the marginal rate of substitution : Suppose that she consumes 2 bagels and 8 cups of milk. Find the marginal rate of substitution. Is this an optimal choice? Why?
How students demonstrate their prior background knowledge : How you will present new information? How students will demonstrate their prior background knowledge?
What accounting entries should jackson make : What accounting entries should Jackson make to reflect this early redemption? (Assume that the bond premium was being written off on a straight-line basis.)
What is the current account balance at end of year : A) What is the current account balance at the end of the year? B) What is the financial account balance at the end of the year?
Conduct an internal and external environmental analysis : Conduct an internal and external environmental analysis for your proposed new division and its business model.

Reviews

Write a Review

Basic Statistics Questions & Answers

  Statistics-probability assignment

MATH1550H: Assignment:  Question:  A word is selected at random from the following poem of Persian poet and mathematician Omar Khayyam (1048-1131), translated by English poet Edward Fitzgerald (1808-1883). Find the expected value of the length of th..

  What is the least number

MATH1550H: Assignment:  Question:     what is the least number of applicants that should be interviewed so as to have at least 50% chance of finding one such secretary?

  Determine the value of k

MATH1550H: Assignment:  Question:     Experience shows that X, the number of customers entering a post office during any period of time t, is a random variable the probability mass function of which is of the form

  What is the probability

MATH1550H: Assignment:Questions: (Genetics) What is the probability that at most two of the offspring are aa?

  Binomial distributions

MATH1550H: Assignment:  Questions:  Let’s assume the department of Mathematics of Trent University has 11 faculty members. For i = 0; 1; 2; 3; find pi, the probability that i of them were born on Canada Day using the binomial distributions.

  Caselet on mcdonald’s vs. burger king - waiting time

Caselet on McDonald’s vs. Burger King - Waiting time

  Generate descriptive statistics

Generate descriptive statistics. Create a stem-and-leaf plot of the data and box plot of the data.

  Sampling variability and standard error

Problems on Sampling Variability and Standard Error and Confidence Intervals

  Estimate the population mean

Estimate the population mean

  Conduct a marketing experiment

Conduct a marketing experiment in which students are to taste one of two different brands of soft drink

  Find out the probability

Find out the probability

  Linear programming models

LINEAR PROGRAMMING MODELS

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