What is the marginal rate of substitution at the optimum

Reference no: EM13204054

Show a consumers budget constraint and indifferance curves for wine and cheese. Show the optimal consumption choice. If the price of wine is 3$ per glass and the price of cheese is $6 per pound, what is the marginal rate of substitution at the optimum?

Reference no: EM13204054

Questions Cloud

What is the tax revenue raised and deadweight loss : Consider a market with the following supply and demand curves: Qd= 100-4p Qs=p-10 Suppose the government imposes on the buyer a tax of 5 dollars for each unit sold. What is the tax revenue raised and deadweight loss following the imposition of the..

How far is the spacecraft from the earth in miles : The Voyager 1 spacecraft launched in 1977 by NASA as reached the edge of the solar system. Traveling at the speed of light, 300,000 km/sec, it takes approximately 13 hours for the signal transmitted by the spacecraft to reach the Earth. How far is..

How many possible different classifications are there : Students are classified according to eye color (blue, brown, green), gender (male, female), and major (chemistry, mathematics, physics, business). How many possible different classifications are there? Use a tree diagram.

Initial cash flow for expansion project : Sailcloth & More currently produces boat sails and is considering expanding its operations to include awnings for homes and travel trailers. The company owns land beside its current manufacturing facility that could be used for the expansion.

What is the marginal rate of substitution at the optimum : Show a consumers budget constraint and indifferance curves for wine and cheese. Show the optimal consumption choice. If the price of wine is 3$ per glass and the price of cheese is $6 per pound, what is the marginal rate of substitution at the opt..

What is the maximum number of chairs : A furniture factory needs 31.5 ft of fabric to upholster one chair. Its Dutch supplier sends the fabric in bolts of exactly 200. m2. What is the maximum number of chairs that can be upholstered by 3 bolts of fabric (1 m = 3.281 ft)?

Find the standard deviation of set of grades : the mean is 72 and the standard deviation is 4. In which class are the grades most dispersed

What is the slope fo this budget constraint : A consumer has income of $3,000.Wine cost $3 per glass, and cheese cost $6 per pound. Draw the consumers budget constraint. Draw the consumer's budget constraint. What is the slope fo this budget constraint

What percent of the employees speak at least one language : What percent of the employees speak at least one language other than English?

User Account

All Pages