Quantity combinations on the demand curve for good

Assignment Help Business Economics
Reference no: EM131866715

Supose a consumer's utility function is U(X,Y) = X + 2Y. The consumer has $8 to spend (M = $8). The price of good Y is PY = $2. Fill in the table below which gives price/quantity combinations on the Demand Curve for Good X:

Px= 1/4

Px=1/2

Px= 2

Px=4

Reference no: EM131866715

Questions Cloud

What is the opportunity cost of going to college : What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college?
What is the equation of budget line : The price of rental housing is Ph=$5/square foot and the price of food if Pf=$3/ pound. What is the equation of her budget line?
Us dollar and maintains free capital mobility : Hong Kong's monetary authority fixes exchange rates against the US dollar and maintains free capital mobility. Assume that goods prices are sticky in the short
How to market my business in each zip code : I am creating a business that can work with local schools and businesses. I require a 4-page document with an overview how to market my business in each zip.
Quantity combinations on the demand curve for good : The consumer has $8 to spend (M = $8). The price of good Y is PY = $2. Fill in the table below which gives price/quantity combinations on the Demand Curve for G
Criterion for additional lending : Suppose an international development bank is deciding whether to use the head-count index or the poverty gap to measure the effects of a countrys poverty
How documents are treated as corporate records : How [electronic] documents are treated as corporate records that must be retained according to legal requirements and corporate guidelines.
Price of the components used to produce smartphones : Prices of smartphones (assume that this is a normal good) have fallen in recent years. Over this same period, the price of the components used to produce
Describe the concepts of family and culture : Using your own words, describe the concepts of family and culture. How do the descriptions differ from strict definitions of the terms?

Reviews

Write a Review

Business Economics Questions & Answers

  Illustrate existence of economic profits means firm

For a competitive firm facing a market price above average total cost, the existence of economic profits means that the firm should increase output in the short run even if price is below marginal cost.

  In terms of financial and agricultural ability

What are two ways a seller of labour (that is, someone looking for a job) might reassure a possible employer who is faced with imperfect information? What are two ways that a farmer looking to rent ground might reassure a landowner that is faced with..

  What organizational structure is appropriate for business

What organizational structure is most appropriate for a business that is involved in an industry where a global strategy is most appropriate and why?

  Explain why the imposition of minimum wage results

Show graphically and explain why the imposition of a minimum wage results in both winner and losers in the labor market. On your graph identify the gains to the winners and the losses to the losers.

  An indifference curve involving two goods identifies

An indifference curve involving two goods identifies the:

  Market structures of perfect competition in terms

Since the demand curve for food is inlastic, technological improvements in production will. Discuss the similarities and differences between the market structures of perfect competition in terms of:

  By imposing trade restrictions on imports

By imposing trade restrictions on imports, the U.S. will eventually see an appreciation of the dollar that will reduce U.S. exports to other countries. and Why?

  Compare the present worths of the two warehouse additions

A manufacturer requires an additional 10,000 square feet (929 square meters) of warehouse space. A reinforced-concrete building added to the existing main structure will cost $850,000, whereas the same amount of space can be constructed with a galvan..

  Assumptions of the simple keynesian model

The following hypothetical situation and the assumptions of the Simple Keynesian model are to be used in answering this question.

  Suppose that the total revenue function of firm

Suppose that the total revenue function of a firm is given by TR(q) = 120q - 2q^2, where q is the level of output. Find the level of output q that will maximize the firm’s total revenue. Also, compute the maximum amount of total revenue received by t..

  What level of output will the firm choose

If the Bank of Canada sells 100 million worth of bonds to the public in an open market operation. What level of output will the firm choose? Is the firm making a profit.

  What is the direction of the change in equilibrium price

Several years ago, the barely crop in Australia was damaged by a heavy infestation of locusts. About 30 percent of the barely crop was destroyed. Draw a supply and demand graph showing the impact of the locust infestation on the barely market, indica..

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