Quantity of classic cars

Assignment Help Business Economics
Reference no: EM131857809

Jay Leno's utility function is U = 15X0.5Y, where X is the quantity of stand-up comedy DVDs and Y is the quantity of classic cars. If the price of a classic car is $20,000 and the price of a DVD is $25, is Jay maximizing his utility by buying 10 classic cars and 3,000 DVDs when his income is $300,000? Explain.

Reference no: EM131857809

Questions Cloud

How to determine the level of risk management : Suggest the issues that could have developed had the team not had a risk plan. Determine the major impacts of risk that the team needs to understand.
Retiree living on pension income : A retiree living on pension income typically has lower income than if s/he had kept on working.
What is the intuition behind the aggregate demand : What is the intuition behind the Aggregate Demand (AD curve) being downward sloping in Macroeconomics?
Discuss risk factors or precursors to adolescent pregnancy : Discuss various risk factors or precursors to adolescent pregnancy. Research community and state resources devoted in adolescent pregnancy.
Quantity of classic cars : Jay Leno's utility function is U = 15X0.5Y, where X is the quantity of stand-up comedy DVDs and Y is the quantity of classic cars.
Find the equilibrium price and quantity : Plot these curves and be sure to P on the vertical and Q on the horizontal axis. Find the equilibrium price and quantity.
Cake in terms of knitted sweaters : It takes Betty 4 h to bake a cake and 2 h to knit a sweater. What is her opportunity cost of 1 cake in terms of knitted sweaters?
Discuss the rationale for choice of each nursing diagnosis : Discuss the rationale for the choice of each nursing diagnosis. Family history: Obstetrics history (if applicable) and well young adult behavioral health.
Why is some degree of monopoly power permitted : By now you know that monopoly power occurs in most markets. You also know that in some cases, a regulated monopoly produces a better outcome than competition.

Reviews

Write a Review

Business Economics Questions & Answers

  Combination of output suggest

Is this farm able to produce 8,000 bushels of corn and 13,000 bushels of soybeans? What does this combination of output suggest about the use of resources?

  Natural monopoly with constant marginal cost

A government notices that a natural monopoly with constant marginal cost has emerged in a particular market.

  Suppose a perfectly competitive firm

Suppose a perfectly competitive firm sees that price is $23 in the market place. It notices that the cost of producing the next unit of output is $26. What advice would you give to this firm? Graph and Explain Your Answer

  Freedom in their economic and political pursuits

Andrew belongs to a culture in which most people including Andrew have freedom in their economic and political pursuits. Further, this culture gives priority to Andrew's interests over the interests of the relevant social unit. Which of the following..

  Statements about high-technology businesses is true

Which of the following accurately brings out the distinction between small business and larger firms? A(n) _____ is a precise statement of the rationale for a business and a step-by-step explanation of how it will achieve its goals. Which of the foll..

  What is the firm cost of equity

The firm plans to increase the dividend by 6.7 percent per year indefinitely. What is the firm's cost of equity?

  In the table below are cost and demand data for monopolist

In the table below are cost and demand data for a monopolist.

  It used force to capture established ports like malacca

In which of the following ways did the English East India Company differ from the Dutch East India Company? It used force to capture established ports like Malacca. It began to concentrate on creating manufacturing centers in South Asia.

  N false false false en-us x-none x-none

normal 0 false false false en-us x-none x-none microsoftinternetexplorer4 q1. assume

  Two main monetary policy targets

The Fed's two main monetary policy targets are _____. Of these, the FED chooses to target _____.

  Trade union in restricting the supply of physicians

The AMA has often been thought to behave like a trade union in restricting the supply of physicians in order to keep earnings high. What evidence is there that the AMA has acted this way? Essential of Health Economics Second Edition Diane M. Dewar

  When fed decreases the interest rate paid on reserves

When the Fed decreases the interest rate paid on reserves, if the ratio of currency to deposits decreases also while the monetary base is constant, then:

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