User Account

All Pages

Why one of these amounts is higher than the other

Assignment Help Microeconomics
Reference no: EM132500153

Kristina consumes only goods 1 and 2. Her income is $300 and her utility function is u(x1, x2) = x1x22. The price of good 1 is 1. The price of good 2 used to be 1 but is now 2. How much would Kristina pay to avoid the price change? What is the technical term for this amount? 1 How much extra income would she require in order to consent to the price change? What is the technical term for this amount? Give economic intuition for why one of these amounts is higher than the other.

Reference no: EM132500153

Questions Cloud

Research about the topic divorce : Intimate Relationships include Levinger's Barrier Model ; Karney and Bradbury's Vulnerability- Stress- Adaptation Model ; Results from the PAIR Project
Determine the residual demand function that roach motors : Determine the residual demand function that Roach Motors is facing in this market. At which level of output will Roach Motors' maximize its profits?
Define specific ideas for project-based learning activities : Create a 10- to 12-slide presentation with specific ideas for project-based learning activities to create learning environments that support individual.
Consider an exchange economy with two goods : Consider an exchange economy with two goods (x and y) and two agents (a and b). Agent a has preferences represented by ua(xa, ya)
Why one of these amounts is higher than the other : What is the technical term for this amount? Give economic intuition for why one of these amounts is higher than the other.
What would you define as the unit for analysis : In analyzing the recordings, what would you define as the unit for analysis? Why? How many data units (in rough estimates) are you likely to get based on this.
Compute the long-run cost function for baskets of berries b : (a) Compute the long-run cost function for baskets of berries B. (b) Compute the long-run cost function for gallons of juice J.
Discusses quality teams : Discuss why you selected it and how you could apply it to your life (or perhaps to the life of someone you know - you do not need to use real names!)
Identify the market structure that tesla is operating in : Use the HHI or examples of how they meet the the four firm characteristics to prove that your selection is correct.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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