Two goods available for consumption

Assignment Help Business Economics
Reference no: EM13998887

Suppose there are two goods available for consumption, good 1 and good 2, and the government has imposed rationing on the consumption of good 2, so that no more than x2 can be consumed by a given consumer.

Draw the budget set of a consumer who has income m.

Reference no: EM13998887

Questions Cloud

What walden values regarding academic integrity : An explanation of what Walden's values regarding Academic Integrity mean to you as a developing scholar-practitioner. Then evaluate the impact of these values in terms of how you think they will affect the learning community as well as your work a..
Demographic trend that has caused dramatic increases : Currently in the US there is a demographic trend that has caused dramatic increases in the number of students attending universities¾the children of Baby Boomers have grown up and are ready for college. Campus housing is a fixed good (in the short ru..
Using arevealed preference reasoning : Felix chooses between clothing, q1, and food, q2. his initial income is $1000 a month, p1=100 and p2=10. at his initial bundle he consumes q1=2 and q2=80. Later, his income rises to $1200 and the price of clothing rises to p1=150, but the price of fo..
Quasilinear utility function : Philip's quasilinear utility function is U=4q1^0.5 + q2. His budget for these goods is y=10. Originally the prices are p1=p2=1. However, the price of the first good rises to p1=2. discuss the substitution, income, and total effect on demand for q1.
Two goods available for consumption : Suppose there are two goods available for consumption, good 1 and good 2, and the government has imposed rationing on the consumption of good 2, so that no more than x2 can be consumed by a given consumer. Draw the budget set of a consumer who has in..
How do i take the location for the neighbour of each element : I have done the code the "wrapping of the matrix" via concatenation so I can count all the neighbours. Find highest score neighbor take location from S --> How do I take the location for the neighbour of each element? find strategy from A end.
Examine your own culture from an etic perspective : In the Final Research Paper, you will examine your own culture from an etic (outsider's) perspective and another culture from an emic (insider's) perspective to demonstrate your understanding of cultural relativism and examine misconceptions and e..
Determine the velocity and acceleration of center of disk : Given ri, ro, that the top bar is moving to the left with constant speed vt, and that the bottom bar is moving to the right with speed vb and acceleration ab, determine the velocity and acceleration of the center of the disk at C.
Derive the income elasticity of demand function : Derive the income elasticity of demand function for individuals with (a) cobb-douglas (b) perfect substitutes and (c) perfect complements utility functions

Reviews

Write a Review

Business Economics Questions & Answers

  Find single price that all mutually preferred trades

Find a single price that all mutually preferred trades can occur. What are the gains from trade? Now suppose a $1.50 per-unit tax is levied on Larry for each unit sold (that raises MC by $1.50). Now find all mutually preferred trades and the trading ..

  One country has a comparative advantage over another

To make the case that one country has a comparative advantage over another country in the construction of a given good or service,

  Solve for net exports and the budget deficit in each country

Suppose each government has a target level of output of 125 and that each government increases government spending by the same amount.

  Social security and unemployment compensation

Explain whether transfer payments, such as Social Security and unemployment compensation, are counted as government spending in calculating GDP.

  What is the nash equilibrium for two-firm cournot game

Consider the following two-firm Cournot game. Suppose market demand is given by the equation P=24-Q, where Q= qA+qB. Suppose each firm has only four options: 6,7,8, or 9 units of output. What is/are the nash equilibrium for this game? Does the domina..

  Wear and tear on the car costs

If a firm is losses money, it might be enhanced to stay in business in the short run. Is this statement ever true.

  Equilibrium wage is higher or lower than two

Do wages clear when the wage equals two. Do we know whether the equilibrium wage is higher or lower than two.

  Which your cousin attended a nearby elementary school

Rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve.

  What is value of preferred stock-pays perpetual dividend

What is the value of a preferred stock that pays a perpetual dividend of $100 at the end of each year when the interest rate is 6 percent?

  Lower coupon rates than corporate bonds

Treasury bonds typically have lower coupon rates than corporate bonds because

  A recording company obtains the following information

A recording company obtains the following information about the demand and production costs of its new.

  What output level will yield the largest possible profit

A purely competitive firm finds that the market price for its product is $30.00. It has a fixed cost of $100.00 and a variable cost of $17.50 per unit for the first 50 units and then $37.50 per unit for all successive units. What is the average varia..

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