Maximizing consumption bundle

Assignment Help Macroeconomics
Reference no: EM132471787

Mark has utility given by U(X,Y)=XY+10Y, where X is the number of units of good X and Y is the number of units of good Y. Given this utility function, MUx=Y, and MUy=X+10. The prices of X and Y are both $1 per unit. Mark has $100 to spend on goods X and Y. Solve for Mark's utility-maximizing consumption bundle. Write down the number of units of good X in this optimal bundle (express as a whole number).

Reference no: EM132471787

Questions Cloud

Compute avoidable interest for grouper company : Compute avoidable interest for Grouper Company. Use the weighted-average interest rate for interest capitalization purposes. (Round "Weighted-average interest)
Four market structures : As a consumer, which of the four market structures would you like to see in the majority of markets?
How changes affect the market : Analyze how these changes affect the market including how price and quantity will change generally. Use supply and demand diagrams as needed.
Record the appropriate transactions in the general journal : Oct. 6 Sold a piece of land for $16,400 cash. The land was originally purchased for $12,600. Record the appropriate transactions in the General Journal
Maximizing consumption bundle : Write down the number of units of good X in this optimal bundle (express as a whole number).
Calculate the estimated number of operating room hours : Bill Harris had a 8-hour procedure on January 22. How much operating room overhead would be charged to his procedure, using the rate determined
Prepare general journal entry to record the reimbursement : The Crown Company established a $1,000 petty cash fund. Prepare the general journal entry to record the reimbursement and increasing of the fund on October 15
Derive ordinary demand functions for goods : Is x1 a normal good or an inferior good? Is it a luxury or necessary good? Is it an ordinary or inferior good? Justify your answers.
Minimum wage laws affect overall poverty : What are your thoughts on this question, Do you think that minimum wage laws affect overall poverty? Explain.

Reviews

Write a Review

Macroeconomics Questions & Answers

  What is cross-browser compatibility

What is cross-browser compatibility? What causes a Web site to look different from browser to browser? What are the main Internet browsers used today?

  When the price of gasoline increases

How have you responded to increases in the price of gasoline over the past few years? How would you respond if the price of gasoline doubled over the next two years? What alternatives do you have for buying gasoline? Could you change to zero con..

  Assume that initially the goods and services market

Assume that initially the goods and services market is in equilibrium at the potential

  Suppose a friend you know requires a mortgage loan

Suppose a friend you know requires a mortgage loan to purchase a house. Your friend can purchase it now or wait until later and is unsure of what to do.

  Fundamental arguments between keynesians

1. (Part A) Evaluate the fundamental arguments between Keynesians and Monetarists concerning the level of government involvement in our economy to minimize the impact and stabilize the different stages of the business cycle.

  Find the production possibility frontier

Find the production possibility frontier for this economy, find the competitive equilibrium and find competitive equilibrium if every consumer owns 100 units of labour and owns one firm.

  What problem discussed in class is the insurance company

The insurance company cannot determine whether ABC has instituted the program. However, it charges a deductible in the event of a re (i.e. ABC has to pay a certain amount to the insurance company if a reoccurs).

  Define shift and movement

Using the graph below, answer the following questions: a. What is the shift from S1 to S2 called? b. What is the movement from a to b called? c. What is the movement from b to a called? d. What is the shift from S2 to S1 called?

  1 the information below describes the real gdp per capita

1. the information below describes the real gdp per capita for the country of utopia for the period of 1975 to

  Compute the given limit

Compute the following limit: x √3tan-x1(-x)√-3∏/3 lim→where as usual tan-1(x) denotes the inverse tangent function.

  1 currently in the us inflation as measured by the cpi is

1. currently in the us inflation as measured by the cpi is about 1.5 and u is about 7.6 assume that us un 6.present the

  What is the margin of error

In an effort to estimate the mean amount spent per customer for dinner at an Atlanta restaurant, data were collected for a sample of 42 customers. The data collected resulted in a sample mean of $29. Based upon past studies the population standard..

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