User Account

All Pages

Explain initial position within context of marginal utility

Assignment Help Microeconomics
Reference no: EM131258958

1. Tyler likes hamburgers (H) and milkshakes (M). The price of a milkshake is $1 and the price of a hamburger is $3. Tyler is spending all of his at the market basket that he is currently consuming, where is MRSHF=2.

a. Write the equation of a line that represents the budget constraint. Clearly interpret the slope.

b. Is Tyler maximizing utility at this market basket? If not, explain the adjustment that he would make to achieve the objective of maximum utility. Frame your answer is the context of marginal benefit and cost and illustrate graphically using line segments.

c. Explain the initial position within the context of marginal utility per last dollar spent on each good. Show graphically.

Reference no: EM131258958

Questions Cloud

What is matts new utility max position : The government decides to implement a per unit subsidy for food = $2. What is Matt's new utility max position? Illustrate graphically and include relevant numbers.
Explain the purpose of the survey : Discuss the preliminary design issues you experienced in creating your survey. Describe the specific instructions for administering, scoring, and interpreting your survey.
What is big deal about having more or less consumer surplus : Calculate the change in consumer surplus due to the increased price of movies. What is the significance of this change in consumer surplus? In other words, what is the big deal about having more or less consumer surplus?
Dealing with missing data : Suppose that you use a Gaussian discriminant classifier, in which you model explicitly P(y = 1) (using a binomial) and P(x|y = 0) and P(x|y = 1). The latter have distinct means µ0 and µ1, and a shared covariance matrix Σ (a frequent assumption in ..
Explain initial position within context of marginal utility : Write the equation of a line that represents the budget constraint. Clearly interpret the slope. Explain the initial position within the context of marginal utility per last dollar spent on each good. Show graphically.
Did the literature review consistently set up the research : In order to write a review of the research article you are to use the outline listed below. You need to express some opinions about the adequacy or appropriateness of the author(s)'s effort in each of the main sections. For example, did the lite..
Consider three different processors : Consider three different processors P1, P2, and P3 executing the same instruction set. [10 points] P1 has a 3 GHz clock rate and a CPI of 1.5.
Determining the encoding mechanisms : List all of the IrDA (infrared) encoding mechanisms, and if possible please specify what they do.
Designing a solution for a java programming problem : In your opinion, what are the three biggest challenges in planning and designing a solution for a Java programming problem? What can you do to overcome these challenges? How would you apply these techniques to the programs in this class?

Reviews

Write a Review

Microeconomics Questions & Answers

  Why is an attitude standard an important tool for supervisor

Why is an attitude standard an important tool for supervisors to use and include in employee orientations and performance appraisals 600word?List and explain five guiding principles for supporting employee motivation. Provide examples to support..

  Economic profit level to continue in subsequent years

What are the profit-maximizing price and output levels? Explain them and calculate algebraically for equilibrium P (price) and Q (output). Then, plot the MC (marginal cost), D (demand), and MR (marginal revenue) curves graphically and illustrate the ..

  Describe why the price of oil has continued to fall so much

Based on your understanding of the economic theory of supply and demand, describe why the price of oil has continued to fall so much even though the consumption of oil has not decreased substantially

  Classify each of the unemployed individuals

Rusty Flapps, an airline pilot with Air Canada, suddenly finds himself laid off because of the dramatic decline in the demand for air transportation brought on by the terrorist attacks of 9/11 and the recent economic slowdown.

  Write a paper on maximizing profits and minimizing losses

Write a paper on Maximizing Profits and Minimizing Losses on the following: Consider a supplier of agricultural equipment who is deciding how much of two products should be produced by his firm.

  Economy has consumption function-equilibrium real gdp

An economy has a consumption function of C=10+.8Y, investment of 6, government expenditure of 10, exports of 10, and an import function of M=.1Y. What i equilibrium real GDP?

  Produces output according to a production function

A firm produces output according to a production function: Q = F(K,L) = min {2K,4L}. a. How much output is produced when K = 2 and L = 3?

  Assume you are the manager of abba cable company which

assume you are the manager of abba cable company which provides commercial communication services to the town of canyon

  Economic advisement paper

Aggregate Demand and Supply Models  - Economic Advisement Paper

  Consider a monopolist that faces the constant elasticity

consider a monopolist that faces the constant elasticity demand curve yp pa where a lt 0 and the total cost function c

  Equilibrium price in any period of an infinitely repeated

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 ..

  Fixed price and a cost incentive price

What are the potential benefits and pitfalls of a Fixed Price and a Cost Incentive Price contract to the client and to the contractor with respect to the risk impact that each assumes with both types of contracts?

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