Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Jeremy is an economics student who loves hamburgers. He could eat any number of them for dinner, but he gets a really bad stomach ache after eating a certain amount. In fact, his utility function for hamburgers is given by:
U(q) =10q = q2/2
where q is the number of hamburgers he eats for dinner (with q ≥ 0).
(a) How many hamburgers can Jeremy eat before he gets a stomach ache (that is, before his utility becomes negative)?
(b) Calculate the optimal number of hamburgers that Jeremy can eat as a function of p, the price per hamburger. (Hint: You have to maximize Jeremy's "net utility". That is, his utility minus the amount he spends on hamburgers.)
(c) Derive Jeremy's inverse demand for hamburgers.
(d) Compute Jeremy's consumer surplus as a function of p.
(e) Show that Jeremy's net utility as a function of p coincides with his consumer surplus
Employment The calculations of human input in the production procedure. In the United States, there are two major measures of employment, as determined by the Bureau of Labor
DETERMINATION OF EXCHANGE RATES: When we study the determinants of exchange rates, we must distinguish between long run determinants and short run because the determinants in
Fiat money is not a new idea. Some European historians recognize the first use of fiat money in Europe resulting from gold and silver smiths issuing their customers receipts for g
Social cost: Social cost of production refers to the cost incurred by a society when its economic resources are used to produce a given commodity. The usage of a society’s res
Direct and Indirect Benefits Life time earnings of an educated person is an instance of direct benefit from education. Skills produced in training or extension programmes in a
prove the theorm with the help of diagram
explain the concept economies/diseconomies of scale and minimum efficient scale
Differentiate between nominal and real exchange rate. Nominal exchange rate is the rate which actually prevails in the foreign swap market. The real exchange rate is the rate
a) Explain the perverse incentive. b) What makes the incentive perverse? c) How could the incentive makers better the incentive?
Cropping Pattern Over Time: The dominance of food crops and among food crops that of rice and wheat only states the existing cropping patterns. It is important to study the tr
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd