What is meant by the application of equimarginal rule

Assignment Help Business Economics
Reference no: EM131805777

Regarding utility maximization, what is meant by the application of the "Equimarginal Rule" and it's relevance to the marginal principle? Discuss the concepts of utility (total & marginal), budget constraints and affordability. Explain the mathematical formula used in describing the Equimarginal rule?

Reference no: EM131805777

Questions Cloud

What is marie profit from the first year of operation : Until recently Marie worked as an program manager, earning $45,000 annually. Then she opened a Peruvian restaurant downtown. At the end of the first year
Describe strategies to minimize estate taxes : Describe strategies to minimize estate taxes. Describe the interplay between gift and estate taxes
Intended and unintended consequences : What are the intended and unintended consequences of such a public policy?
Identify the date on which you accessed the data : What are the yields on Treasury bonds with the following time to maturity: 3 months. 6 months, 1 year, 10 years, and 30 years?
What is meant by the application of equimarginal rule : Regarding utility maximization, what is meant by the application of the "Equimarginal Rule" and it's relevance to the marginal principle?
Discuss brother paid barry back before the case was tried : What amount, if any, must be included in gross by the following individual
Calculate account receivable turnover and average collection : Answer each of the following questions. Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx.
How does the unemployment rate of your state compare : By visiting the Bureau of Labor Statistics website, find the latest unemployment rate available for your state (New Jersey 4.2% in Mar 2017).
How does walmart differentiate themselves from other : Walmart has developed quite the name for themselves! While they produce many products, they have still managed to create a strong brand image.

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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