User Account

All Pages

How much of good x and how much of good y will the consumer

Assignment Help Microeconomics
Reference no: EM13321171

Suppose a consumer’s preferences can be represented by the utility function U(X,Y) = Min (2X,Y). Also, suppose the consumer has $300 to spend and the price of Good X is PX = $3 and the price of Good Y is PY = $1. If the consumer maximizes their utility subject to their budget constraint, how much of Good X and how much of Good Y will the consumer purchase?

Reference no: EM13321171

Questions Cloud

Determine the index of refraction for the material : Light propagates from soda lime glass (n=1.518) into a new material (n= ?). Determine the index of refraction for the material
Create a scaled annotated drawing of inclined plane system : Place the scientific mass on the inclined plane and string over the pulley. Using a force-measuring device, pull the string and determine the force needed to obtain static equilibrium.
Explain how to obtain ir spectra of cyclohexene : How to obtain IR spectra of cyclohexene. with experment obtained Refractive index of 1.4406 Corrected .00054 given standard 1.4460 of cyclohexene let me know if that is the info needed to calcuate and how to calculate
What is the distance between the slide and the screen : A standard 35mm slide measures 24mm by 36mm. Suppose aslide projector produces a 60cm by 90cm image of the slide on a screen. What is the distance between the slide and the screen
How much of good x and how much of good y will the consumer : Suppose a consumer’s preferences can be represented by the utility function U(X,Y) = Min (2X,Y). Also, suppose the consumer has $300 to spend and the price of Good X is PX = $3 and the price of Good Y is PY = $1.
Determine the youngs modulus of the steel alloy : a round steel alloy bar with a diameter of 0.75 in and a gauge length of 3.0 in was subjected to tension, with the results shown in the accompanying table. using a computer spread sheet program, plot the stress-strain relationship.
Determine is the motion simple harmonic motion : A steel ball is dropped onto a concrete floor. Over and over again, it rebounds to its original height. Is the motion simple harmonic motion
Explain all the electrons in a neutral beryllium atom : Identify the sets of quantum numbers that describe all the electrons in a neutral beryllium atom, \rm Be. Each set is ordered
Calculate the displacement of a particle in the rope : A 15m long rope of m=1.8kg is stretched such that the tension in the rope is 25N. calculate the displacement of a particle in the rope at t=10s, when the wave is at x=0.5m

Reviews

Write a Review

Microeconomics Questions & Answers

  A change in the price of good causes a movement along the

A change in the price of good causes a movement along the same demand curve whereas a change in any other determinant of demand causes a shift in the demand curve. Discuss the factors that would affect the demand for higher education (increase or to ..

  What kind of a price-control policy is this

What are your thoughts about minimum wage legislation? What kind of a price-control policy is this? Who gains? Who loses? Are there alternatives to this legislation for achieving the same policy objectives?

  What are the pros and cons of organizational technique

what is chain command and what are the pros and cons of organizational technique what bennefits are provided by the use of specific chain of command and what issues might result

  Inter-temporal production possibilities

Determine which of the following nations would you expect to have intertemporal production possibilities biased toward current consumption goods,

  Deficit in the current account balance

The United States dollar exchange rate can be affected by changes in the current account, capital account and official reserve transactions.

  Compute the consumer surplus

What is equilibrium price?What is the equilibrium quantity(Q)? Compute the consumer surplus a=384 b=296 c=0 d=112 e=-112 f= none of the above Compute the Consumer Surplus?

  Information about heckscher-ohlin theory

Demonstrate that under this analysis commodity movement and factor movement are substitutes for each other.

  Some airline executives have called for reregulation

Some airline executives have called for reregulation. Why might an executive of an airline prefer to operate in a regulated environment?

  Analyze major barrier for entry and exit in airline industry

Analyze the major barriers for entry and exit into the airline industry. Explain how each barrier can foster either monopoly or oligopoly. What barriers, if any, do you feel give rise to monopoly that will allow the government to become involved t..

  What is the selling price for the product

A manufacturing company leases a machine for $31,812 per year. Each unit produced costs $36 in labor and $72 in materials. To break even, 21,000 units must be sold. What is the selling price for the product

  How did the market structure in which the firm competes

How did the market structure in which the firm competes affect the firm’s decision-making? If the market structure was not a factor, how do you believe it should have been incorporated into the strategic decision-making process?

  What is the relationship between good x and good z

The demand curve is given by: QD= 500- 5Px+ 0.5I + 10Py-2Pz where QD= quanity demanded of good X Px= price of good X I= consumer income, in thousands Py= price of Good Y Pz= price of good Z a) Based on the demand curve above , is X a normal or infe..

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