User Account

All Pages

Income onmusic track downloads

Assignment Help Microeconomics
Reference no: EM13978389

John has a monthly allowance of $40. He spends all of this income onmusic track downloads and "other goods". Draw an indifference curvediagram with music downloads on the horizontal axis and "dollars spent onother goods" on the vertical axis. When the price of music downloads is $1per download, John downloads 12 tracks per month. Draw your diagramshowing John making this choice. Suppose that the price of rises to $2per month.A. Show John's new choice of downloads in your diagram. (Note:each person's answer will differ as it depends on how you draw theindifference curves.)B. In your diagram, identify and label the income and substitutioneffects of this price increase on John's music downloads.

Reference no: EM13978389

Questions Cloud

Determine the force that the string exerts on each block : Determine the force that the string exerts on each block for case when the blocks have different masses, but the heavier block 1 (mass m1) is positioned higher than the light one.
What are two arguments against productivity growth : What are two arguments against productivity growth as an explanation of the large U.S. current account deficits.
In an effort to control cost a quality control manager : In an effort to control cost, a quality control manager is interested in whether the mean number of ounces of sauce dispensed by bottle filling machines differs from 16 ounces
Determine an expression of the acceleration of each block : Determine an expression of the acceleration of each block for case when the blocks have different masses, but the heavier block 1 (mass m1) is positioned higher than the light one.
Income onmusic track downloads : John has a monthly allowance of $40. He spends all of this income onmusic track downloads and "other goods". Draw an indifference curvediagram with music downloads on the horizontal axis and "dollars spent onother goods" on the vertical axis. When th..
What does it mean for a strategy to weakly dominate : In a game, what does it mean for X to be common knowledge? What does it mean for a strategy si to weakly dominate another strategy si'? What does it mean for a strategy si to be never a best response
Will you provide toms parents with a copy of the clinic note : Tom is an employed, married 16-year-old male. He has recently been ill and saw his physician at the Rasmussen Clinic. Naturally his parents are concerned and have asked for a copy of the clinic visit.
What is the new capacitance of the capacitor : Consider two parallel-plate capacitors identical in shape, one aligned so that the plates are horizontal (Figure 1) , and the other with the plates vertical (Figure 2) . The horizontal capacitor is filled halfway with a material that has dielectri..
Explain how does the fact that a number of counties : Explain how does the fact that a number of counties and cities also have their own income taxes affect the top marginal tax rate for some higher earners.

Reviews

Write a Review

Microeconomics Questions & Answers

  Do you think usa export and import of goods and services

the gains from specialization and trade are based on comparative advantage which reflects the relative opportunity

  Identify and discuss three externalities

1.Identify and discuss three (3) externalities, which can either be positive or negative.

  Philosophy and goals of punishment and reformation

Economic Assignment : Philosophy and Goals of Punishment and Reformation

  Draw the graph of value function used in prospect theory

draw a graph of the value function used in prospect theory. carefully label the graph and explain each part of it and

  Cost and average total cost of producing units

Assume the firm can produce 5000 units of out put by combining its fixed capital with 100 units of labor and 450 units of raw materials. What are the total cost and average total cost of producing 5000 units of output?

  When market price is 40, break-even level of output is ten

A competitive firm has the following quadratic cost function: TC = aQ2+ bQ + 100 ,Determine a and b if the following two conditions are satisfied- When the market price is 60, the profit maximizing level of output is 15.

  What are the limits to the u.s. long-term economic growth

What are the limits to the U.S. long-term economic growth? Is there anything that our government can do to address these limits, or would it be a bad idea to try?

  How will tax influence the quantity of rent seeking

if the government becomes more heavily involved in subsidizing some businesses and sectors of the economy while levying higher taxes on others, how will this influence the quantity of rent seeking how will this affect long term growth

  Write down the difference between an informative speech and

what is the difference between an informative speech and a persuasive speech? why is speaking to persuade more

  What interest rate would this be a fair deal

Curly's Life Insurance Co. is trying to sell you an investment policy that will pay you and your heirs $33,000 per year forever.

  Define where is the new equilibrium price

in the middle of the decade , the party was over, and coffee wholesale prices started increasing because of some shortages caused by weather and the rising overall market prices again. Where is the new equilibrium price

  Write a reflection paper on chosen person

What type of person becomes this type of risk taker - What challenges did he or she face and overcome?

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