How much additional income does nick need

Assignment Help Basic Computer Science
Reference no: EM132275810

Nick has a utility function U(x, y) = x2 y2 and faces the budget constraint pxx+pyy=Y. a,Suppose that Y =120, py =1 and px =4. What are Nick's utility maximizing amounts of good x and good y? What level of utility is Nick able to attain? b,If the price of x is lowered to px =2, what are Nick's utility maximizing amounts of good x and good y? What level of utility is Nick able to attain? c,What is the most Nick is willing to pay to have px reduced from 4 to 2? d,Suppose that Y =120, py =1 and px =4. How much additional income does Nick need to receive in order to be as well off as when px = 2?

Reference no: EM132275810

Questions Cloud

Introduction to the competitive firm : (This question refers to the MRU video 'Introduction to the Competitive Firm'.) Which of the following is NOT one of the characteristics of a competitive indust
Characteristics of the environment in which gopro operates : What are the characteristics of the environment in which GoPro operates?
Why is email still a strong tool for internet marketers : Why is email still a strong tool for internet marketers? Do you think it will be replaced by mobile applications, such as text messaging, and in what time frame
Steps involved in designing goods and services : Describe the steps involved in designing goods and services. Provide a real life example of designing process of a product.
How much additional income does nick need : How much additional income does Nick need to receive in order to be as well off as when px = 2?
Discuss your reaction to platos allegory of the cave : Discuss your reaction to Plato's "Allegory of the Cave"? Did you ever have a learning experience that "turned your soul toward reality"?
Important element in strategy development : An important element in strategy development is attempting to anticipate how a competitor might respond to an organization's changes in strategy(ies).
Evaluating the external environment : Using medical or pharmaceutical or any health industry, apply 2 elements of Porter’s Five Forces model that you think profoundly affect the industry,
Are your own ideas about reality most in agreement : Are your own ideas about reality most in agreement with the thinking of Locke, Berkeley, Hume, Kant or the feminist tradition?

Reviews

Write a Review

Basic Computer Science Questions & Answers

  Advantages and disadvantages of software suites

List out the virtual company strategies.What are the differences between direct and sequential access in storage divices? Software Suites bundle together a variety of general-purpose software applications. Using your words, explain the advantages ..

  Example of a combination of security controls

In your own words describe what is meant by "defense-in-depth" in security design. Give an example of a combination of security controls that you have seen implemented that show how the combination of security factors improve the overall security.

  Monitoring systems section of lecture

In the Monitoring Systems section of this lecture (attached), we mentioned that: It should be noted that these example protocols are not really related to computer systems.

  Find the parity check matrix of the extended code

This code is extended by adding an overall parity check bit to each code word so that the Hamming weight of each resulting code word is even.

  What is the probability that the sum

When he randomly chooses four potatoes and measures the weight, what is the probability that the sum of their weights is more than 608 grams?

  Filling weight for boxes of cereal

The filling weight for boxes of cereal is designed to have a variance .02 ounces or less. A sample of 41 boxes of cereal shows a sample standard deviation of .16 ounces. Use α .05 to determine whether the variance in the cereal box filling weight ..

  Compute the number of function points for system

Compute the number of function points for this system using the IFUPG five-step procedure, stating carefully the assumptions you make.

  Repurchase common shares

During 2014 the firm earns net income of $1,300, pays dividends to shareholders of $600, and uses $300 to repurchase common shares. The book value of shareholders equity at the end of 2014 is? (Show your work.)

  Lower personal income tax rates

Some have argued that Australia should raise the rate of GST so as to lower personal income tax rates.

  Modify the class linked list as presented in this chapter

Modify the class Linked List, as presented in this chapter, by adding a dummy node to the chain.

  A system with 64 mb of physical memory

Consider a system with 64 MB of physical memory

  Show that the prepositional phrases of the nominal clause

Show that the prepositional phrases of the nominal clause a walk on the part at noon involve both left -branching and right-branching. Come up with another nominal clause whose prepositional phrases involve both left-branching and right-branching. Di..

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