Determine the set of all restaurants

Assignment Help Business Economics
Reference no: EM13851901

You and your friend are trying to decide where to have dinner. Restaurant #1 has an average price of $20 per person and is 5 miles away. Restaurant #2 has an average price of $30 but is only 1 mile away. (a) Determine the set of all restaurants which would create a decoy and cause your friend to choose restaurant #1. (b) Determine the set of all restaurants which would cause your friend to choose restaurant #2.

Reference no: EM13851901

Questions Cloud

Differential equations for the initial value problem : Find the volume V of the solid bounded by the three coordinate planes and the plane 3x+2y+5z = 6 - Find the two coupled first order differential equations for the initial value problem.
What is the marginal rate of substitution : Mary consumes two goods, Diet Coke (X) and Cheeseburgers (Y). Mary’s Utility function is represented by U(X,Y) = 3XY2 . Her marginal utility function for X is MUx = 3Y2 . Her marginal utility function for MUy = 6XY.Write an expression for Mary’s budg..
Conduct a brand portfolio audit : Conduct a brand portfolio audit. My brand that I have choose is "Apple". This assignment will consist of a written element and presentation element
What is the marginal rate of substitution : Mary consumes two goods, Diet Coke (X) and Cheeseburgers (Y). Mary’s Utility function is represented by U(X,Y) = 3XY2 . Her marginal utility function for X is MUx = 3Y2 . Her marginal utility function for MUy = 6XY.Write an expression for Mary’s budg..
Determine the set of all restaurants : You and your friend are trying to decide where to have dinner. Restaurant #1 has an average price of $20 per person and is 5 miles away. Restaurant #2 has an average price of $30 but is only 1 mile away. Determine the set of all restaurants which wou..
What the optimal way to bracket stocks into portfolio : Suppose you have 5 stocks. In the past week they have changed in the following way: +5,­1,+2,­3,­2. For each of the value functions from the previous problem, determine what the optimal way to bracket stocks into a portfolio to maximize the value.
Value functions is loss averse : Determine if each of the following value functions is loss averse. (a) v(x) = 0.25x for x > 0 and v(x) = 0.5 for x ≤ 0   (b) v(x) = √x for x > 0 and v(x) = 0.5x for x ≤ 0   (c) v(x) = ex for x > 0 and v(x) = −√−x for x ≤ 0 (d) v(x) = √x for x > 0 and..
What is the deadweight loss resulting from this externality : Suppose that demand for a product is given by Q=1000-P. Supply of the product is given by Q=2P. There is a positive consumption externality from this product, in the amount of $5 per unit. What quantity of the good is consumed under the private marke..
Utility function-how much of each good will he demand : Edmund has the utility function U(x, y) = 2xy + 1. The prices of x and y are both $1 and Edmund has an income of $20. How much of each good will he demand? A tax is placed on x so that it now costs Edmund $2 while his income and the price of y stay t..

Reviews

Write a Review

Business Economics Questions & Answers

  An increase in the number of fast-food restaurants

An increase in the number of fast-food restaurants

  Explain how can each of the principles be applied

Explain how can each of the 10 principles be applied in an example or expeerience with which you are familiar.

  Show argument using the ad-as model

The economists also argued that the technical level of potential output had risen. Show their argument using the AD-AS model

  Qconsider a competitive market with 9 consumers each of

q.consider a competitive market with 9 consumers each of whom will buy at most one unit of the good and 8 vendors each

  Explain how are presidential election outcomes

Explain how are presidential election outcomes related to the performance of the economy.

  What is the diamonds water paradox and how is

what is the diamonds water paradox and how is it

  Policy has typically been driven by political ideology

Government policy has typically been driven by political ideology. Radical writers argue that the MNE is an instrument of imperialist domination, but the free market view argues that international production should be distributed among countries acco..

  Hummus bar-dipping into international markets

A Case Brief should not exceed 500 words (one single-spaced typed page). It should be written with the assumption that the reader is familiar with the details of the case.

  Illustrate what is the profit maximizing quantity

illustrate what is the profit maximizing quantity that should be offered to Group B

  Describe the innovation life cycle proposed

Describe the innovation life cycle proposed by Abernathy and Utterback. Does the model provide a useful tool to guide and manage the innovation process? Do you see any weak points in the model?

  Elucidate how the law of diminishing returns influences

Elucidate how the law of diminishing returns influences the shapes of the variable-cost and total-cost curves.

  Compare the change in the quantity of raw steel exchanged

Compare the change in the quantity of raw steel exchanged at the market level with the change in raw steel produced by a representative firm. How do you explain this difference?

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