Total amount of the good the consumer wants

Assignment Help Business Economics
Reference no: EM132586859

If WPP = 30 * 30 represents a consumer's marginal willingness to pay function for a good, then (a) What is the total amount of the good the consumer wants to buy at the price of \$12/unit ? (b) What is the total willingness to pay for 4 units (total amount bought is 4 ) of this good?

Reference no: EM132586859

Questions Cloud

Choosing goods and the environmental quality : On the basis of the changes the current coronavirus crisis has brought around the world, can we illustrate the trade off we face in terms
Idea of a sustainable economy : Is trying to produce as much goods and services as it is possible consistent with the idea of a sustainable economy? Explain
Marginal cost function of a good for a producer : If MC = 8 + 2Q represents marginal cost function of a good for a producer, then a) At what price will he produce 10 units of the good?
Discuss about the normative ethical theories : The implies that either approach may be accepted by different individuals, given the context of a situation. Do you feel one is supported more than the other?
Total amount of the good the consumer wants : If WPP = 30 * 30 represents a consumer's marginal willingness to pay function for a good
History Assignment - American Industrial Revolution : History Assignment - American Industrial Revolution. Analyze the functions of Government during the Gilded Age
How ought the christian think about sickness and health : How would a spiritual needs assessment help the physician assist Mike determine appropriate interventions for James and for family or others involved in care
Negative effects of a higher success rate of innovation : What are the positive and negative effects of a higher success rate of innovation on the relative size of a research sector?
Investigate a topic related to the hospitality industry : Investigate a topic related to the hospitality industry that is an area of interest to you. Sample research ideas will be provided to you by your tutor

Reviews

Write a Review

Business Economics Questions & Answers

  Explain why market recognizes first effect-but not second

Suppose the education an individual acquires makes her a more productive member of the workforce and also decreases the likelihood of her supporting dictator. Explain why market recognizes the first effect, but not the second?

  Explicitate relationship exists how might a business use

Is there a relationship between GDP and the business cycle. If so, explicitate relationship exists and how might a business manager use this information to increase their profits.

  What is the effect of this policy on output

Origins of the Depression. In tracing the origins of the Great Depression, Berkeley economist Christina Romer argues that the U.S. suffered a large fall in aggregate demand following the 1929 stock market crash. Knowing that the U.S. was on the gold ..

  Write brief description of development of business theories

Write a position paper of 1,250 -1,350 words that includes the following: A brief description of the development of business theories leading to Webber's conclusions in the article.

  For five countries of your choice collect the gdp per

for five countries of your choice collect the gdp per capita from unstats.un.org any year and countries you like where

  Estimate marginal rate of substitution of peaches for donuts

a) A consumer has a utility function, donuts (A) and peaches (B) given by u(A,B) = square root AB. What is the maximum amount peaches she would be willing to give up for one additional unit of donuts, estimate the marginal rate of substitution of pea..

  If the government wants to contract aggregate demand

If the government wants to contract aggregate demand, it can ________ government purchases or ________ taxes.

  Linear programming problem to maximise

Formulate the linear programming problem to maximise the profit made by the company.

  Installed new radio frequency identification system

The International Parcel Service has installed a new radio frequency identification system to help reduce the number of packages that are incorrectly delivered. The capital investment in the system is $64,000, and the projected annual savings are tab..

  Cost-effective health care

We are challenged to provide access to high-quality, cost-effective health care.

  What is the break-even probability of collection?

What is the break-even probability of collection?

  What type of utility function is this

Melissa's utility function is U = min (L, E/2, 2T)   where L are lattes, E are eggs, and T is toast. She is on a diet, and her calorie constraint for breakfast is Cbar = 600 calories. Suppose lattes have 300 calories, eggs have 100 calories, and toas..

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