User Account

All Pages

What is the total utility at the optimum

Assignment Help Business Economics
Reference no: EM133081312

Mr Banda faces the following utility function from consuming nshima [X] and Rice [Y] ?? = 3???? 1 3 Mr Banda's budget allocation for nshima and rice is K240. The price of nshima is K60 per Kg while that of Rice is K20 per Kg.

A. How much nshima and rice should Mr. Banda consume to maximize his utility?

B. What is the total utility at the optimum?

C. What is the Lagrange multiplier?

D. What will be the increase in utility when the budget allocation is increased to K241?

Reference no: EM133081312

Questions Cloud

Unrelated Business Income Tax Question : Select 'X' whether the regularly conducted activity of Silverton Symphony Hall is/is not subject to unrelated business income tax
Less government involvement : In what specific social program do you feel the government should have much less involvement? Why?
Compute p that maximizes the firm profit : There are two types of consumers: one half of consumers are type 1 (low type) and the other half are type 2 (high type). Type 1's demand curve is q1 = 4 - P, wh
Evaluate some of the important customs : i. Evaluate some of the important customs and border management regulations when engaging in import and export activities.
What is the total utility at the optimum : How much nshima and rice should Mr. Banda consume to maximize his utility?
Distribution of the sample data : The local city council wants to determine whether the pricing of their main car park is appropriate. Over a three months period, 20 days were randomly selected
Find the company WACC : If the risk-free rate is 4 percent, the market risk premium is 6 percent, and the tax rate is 34 percent, find the company's WACC
Create timeline about globalization : Create timeline about globalization you can get a sources on google
What are the implications of Internal control audits : What are the implications of Internal control audits? What is the difference between Centralized and distributed databases

Reviews

Write a Review

Business Economics Questions & Answers

  What is the amount of this shortage or surplus

What are equilibrium price and quantity? Suppose actual prie is $92, What is quantity and supply demanded at this price? At price of $92, wil there be a shortage or surplus? What is the amount of this shortage or surplus?

  Pros and cons of each potential partner

1. What are the pros and cons of each potential partner?

  Milk for the smallest additional quantity of beer

A student is first and foremost interested in beer and would be willing to forgo any quantity a milk for the smallest additional quantity of beer.

  Briefly explain why firms that pursue cost leadership

Briefly explain why firms that pursue cost leadership or diffentiation achieve returns that are about equivalent, have higher returns, and firms that are stuck in the middle have the lowest returns?

  What is relevant and irrelevant costs

What is relevant and irrelevant costs? How does it apply to business decisions?

  Future adjudication by the supreme court

The Executive Branch Has Presidential power been expanded well beyond the scope provided by the Constitution?

  Market for plastic toothpicks most closely resembles

Pic Inc. produces plastic toothpicks that it sells to distributors in the Southwest. Assuming that the market for plastic toothpicks most closely resembles that of perfect competition and that other firms in the industry do not experience similar cos..

  An increase in the minimum wage will tend

An increase in the minimum wage will tend to cause which of the following to ?occur?

  Characterisation of the global economy

Many economists accept that a 'Spaceship Earth' characterisation of the global economy is valid in the final analysis, but would dispute a claim

  Describe the variations of republican culture

Describe the variations of Republican culture as it developed in the North and South – how was republicanism rationalized to defend slavery and the subordination of women – were women subordinated in Republican theory?

  Current covid-19 economic crisis

Consider the individual described below. Which type of unemployment would you suggest that they most likely belong to? Explain.

  Associated with replacement of the old machine

1. The initial investment associated with replacement of the old machine with the new one.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd