Blue currency unit and red currency unit

Assignment Help Business Economics
Reference no: EM131097815

In the economy of Mungo, discussed in your workbook, there is a third person called Ike. Ike has a red income of 40 and a blue income of 10. (Recall that blue prices are 1 bcu [blue currency unit] per unit of ambrosia and 1 bcu per unit of bubblegum. Red prices are 2 rcus [red currency units] per unit of ambrosia and 6 rcus per unit of bubblegum. You have to paytwice for what you buy, once in red currency, once in blue currency.) If Ike spends all of his blue income, but not all of his red income, then it must be that:

(a) he consumes at least 5 units of bubblegum.

(b) he consumes at least 5 units of ambrosia.

(c) he consumes exactly twice as much bubblegum as ambrosia.

(d) he consumes at least 14 units of bubblegum.

(e) he consumes equal amounts of ambrosia and bubblegum.

Reference no: EM131097815

Questions Cloud

What does milgram studies reveal about people tendencies : What does the Milgram studies reveal about people's tendencies to go against their own values in authority and what are the similarities and differences in meaning between the words "respect" and "obedience," in your thinking?
Discuss a situation where you received security education : You have probably received some form of information security education, either in your workplace, school, or other settings. Discuss a situation where you received security education. How was it delivered?
Essay on your approved business decision : Write an 1,050-word argumentative essay on your approved business decision in which you include the following:
Withdraw quarterly payments : How much should be originally placed in a trust fund in order to do the following? I want my daughter to be able to withdraw quarterly payments of $700 for 10 years. Money earns an annual rate of 8% compounded quarterly. (After the last withdrawal..
Blue currency unit and red currency unit : In the economy of Mungo, discussed in your workbook, there is a third person called Ike. Ike has a red income of 40 and a blue income of 10. (Recall that blue prices are 1 bcu [blue currency unit] per unit of ambrosia and 1 bcu per unit of bubblegum...
How would you test the validity of folk wisdom : How would you test the validity of this folk wisdom idea using the scientific method - Describe how you would conduct the research
Discuss differences among the greek and biblical worldviews : Contrast Biblical examples of human heroism with classical examples and explain how these contrasts embody contrasting value systems and worldview beliefs.
Describe corporate culture and its importance : Analyze and describe corporate culture and its importance within an organization. What are some potential ramifications for an organization having a negative culture? Please explain your answer.
Generous package of insurance benefits : What are some advantages of offering a generous package of insurance benefits? What are some drawbacks of generous insurance benefits?

Reviews

Write a Review

Business Economics Questions & Answers

  Determine which should be selected at a discount rate

Use the B/C method to determine which should be selected at a discount rate of 0.75% per month over a 6-year study period.

  Household cleaning products

Choose a product from the list. Name and describe the product category below. What types of products are included? Breakfast Cereal,,Dairy products, Footwear, Fruits and Vegetables (canned, pickled and dried) Household cleaning products, Household co..

  Requires a nonrecoverable investment in specialized assets

A firm must decide whether to make a component part in-house or to contract it out to an independent supplier. Manufacturing the part requires a nonrecoverable investment in specialized assets. The most efficient suppliers are located in countries wi..

  Q transfers to the rest of the world 20loans to the rest of

q. transfers to the rest of the world 20loans to the rest of the world 60loans from the rest of the world?increases in

  What are some contributing demand and supply factors

What is the cost of regular unleaded fuel in your town? What are some contributing demand and supply factors to the differences in fuel prices around the country? Think of an externality in your community. Explain what type of externality it is. How ..

  Imposes binding price ceiling on competitive market

When the government imposes a binding price ceiling on a competitive market, a shortage of the good arises, and sellers must ration the scarce goods among the large number of potential buyers.

  Sset using straight-line depreciation with scrap value

Using a spreadsheet program, chart the book value of a $14 000 asset over a seven-year life using declining-balance depreciation (d = 0.2). On the same chart, show the book value of the S14 000 asset using straight-line depreciation with a scrap valu..

  Gasoline prices typically rise during the summer

Gasoline prices typically rise during the summer, a time of heavy tourist traffic. A “street talk” feature on a radio station sought tourist reaction to higher gasoline prices. Here was one response: “I don’t like ’em [the higher prices] much. I thin..

  Q1 susie purchased a non-refundable ticket to a soccer

q1. susie purchased a non-refundable ticket to a soccer match for 20. it will cost her 10 worth of gas and wear and

  Calculate elasticity of supply when increase in demand cause

Calculate the elasticity of supply when an increase in demand causes the equilibrium price and quantity to change from $2.00 and 500 to $2.80 and 1,000, respectively.

  Qthe market for water in urban areas in australia is often

q.the market for water in urban areas in australia is often dominated by one provider for example sydney water in the

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