What type of utility function is this

Assignment Help Business Economics
Reference no: EM13771207

PLEASE SHOW WORK AND STEPS

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 toast also has 100 calories per serving.

a. What type of utility function is this? Are these good complements, substitutes, or perfect substitutes?

b. If she has to eat only whole servings, what will she have for breakfast, and how many calories will she consume? If she can eat partial servings, how would your answer differ?

Reference no: EM13771207

Questions Cloud

Question regarding the manufacturing budget analysis : Tom Emory and Jim Morris strolled back to their plant from the administrative offices of Ferguson & Son Manufacturing Company. Tom is manager of the machine shop in the company's factory; Jim is manager of the equipment maintenance department.
What is the firms average cost at this output : The White Company is a member of the lamp industry, which is perfectly competitive. The price of a lamp is $50. The firm’s total cost function is TC = 1,000 + 20Q + 5Q2 where TC is total cost (in dollars) and Q is hourly output. What is the firm’s ec..
Data encryption as a method of protecting data : Which one of the following statements is most correct about data encryption as a method of protecting data
Explaining the three key chapters of the us bankruptcy code : Prepare a 2-3 page, double-spaced paper explaining the three key chapters of the U.S. Bankruptcy Code (7, 11, and 13), and how each chapter operates in our bankruptcy court system. Do individuals/corporations filing for bankruptcy progress through..
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..
What technology would you put on your list to purchase : what technology would you put on your list to purchase? Be specific about which systems you would purchase by doing some research.
Write about the security threats and vulnerabliities : The topic is Security Threats and Vulnerabliities write about the latest developments and issues.
Is supply elastic or inelastic : Assume that the price of Smartphone’s increased from $420 to $444 per unit. The manufacturer decides to supply 15,000 units instead of 12,000. Calculate the price elasticity of supply.
Review and analysis of the annual report : Research the Internet or the Strayer Library for a publicly traded company and then download the annual report for the most recent year reported for use in this assignment. Based on your review and analysis of the annual report, prepare a ten to tw..

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