How many pounds of potatoes will she purchase

Assignment Help Microeconomics
Reference no: EM13683901

Potatoes cost Janice $1 per pound, and she has $5.00 that she could possibly spend on potatoes or other items. If she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third pound is worth $1.05, and all subsequent pounds are worth $0.30, how many pounds of potatoes will she purchase? What if she only has $2.00, to spend? Note: Add graphs to support your answers.

Reference no: EM13683901

Questions Cloud

Analyze effects on real interest rate-equilibrium investment : For each of the following scenarios, use a well-labelled diagram of the supply and demand for saving and investment to analyze the effects on the real interest rate, equilibrium investment, and equilibrium national savings. U.S. military involvement ..
Game theory significant and can it predict economic actions : The concept of game theory is one I find intriguing. Its relationship to economics was not understood until the last decade and now the bulk of the Nobel economics prizes have been awarded for behavioural economics of which game theory is a component..
Confidence interval for the population mean : A simple random sample of size n = 210 is drawn from a population. The sample mean is found to be overbear above x = 20.1, and the sample standard deviation is found to be s= 3.2. Construct a 90 percent confidence interval for the population mean.
Describe various bundling options that cable operators offer : Cable networks are often monopolies in their own local markets but typically face direct competition from the two satellite providers (DISH Network and DIRECTV). Does the cable provider's monopoly power describe the various bundling options that cabl..
How many pounds of potatoes will she purchase : Potatoes cost Janice $1 per pound, and she has $5.00 that she could possibly spend on potatoes or other items. If she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third pound is worth $1.05, and all subs..
Presume the demand function : Presume the demand function is Q=100-P, where Q is the quantity demand and P is the price. Please compute the price elasticity at P=10 (by comparing it with a pair of price and quantity at P=20). Compute the change in total revenue which is P times Q..
Software systems for product of global positioning satellite : Advance technology Consultants, Inc. (ATC), contracted with RoadTrac, LLC, to provide software ad client software systems for the products of global positioning satellite (GPS) technology benign develedoped by Roadtrac. RoadTrac agreed to provide ATC..
Why do so many countries place restrictions on trade : If countries can benefit with increasing their consumption possibilities through trade, why do so many countries place restrictions on trade?
What is maximum investment that will be allowed for dike : A state government is considering construction of a flood control dike having a life span of nine years. History indicates that a flood occurs every three years, on average, and causes $400,000 in damages on each occasion. If the state uses a MARR of..

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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