What is marginal utility per dollar worth of wine

Assignment Help Business Economics
Reference no: EM131091215

Assume that Ravi's marginal utility is 60 utils for the last glass of wine he consumed. If the price of a glass of wine is $4, what is Ravi's marginal utility per dollar worth of wine? What is his marginal utility per dollar worth if the price were $6 per glass of wine? If the price were $2? 

Reference no: EM131091215

Questions Cloud

What prompted change effort and what was targeted to change : Who are the stakeholders in this case, and which ones are most important. Why? What prompted the change effort, and what was targeted to change? Why was the proposed change controversial?
Discuss risks that you may face during semester as student : Identify and discuss risks that you may face during a semester as a student. Classify such risks into three groups, i.e., risks that insurance contracts generally exist to help you manage them, risks that some type of government or social policy exis..
Why do insurance contracts exist for some but not all risks : Why do insurance contracts exist for some, but not all risks? Why do we have government programs to lessen some types of risk and what are the effects of these programs on individual behavior?
Explain the law of diminishing marginal utility : Define marginal utility. Explain the law of diminishing marginal utility. Why is marginal utility more useful than total utility in consumer decision making?
What is marginal utility per dollar worth of wine : Assume that Ravi's marginal utility is 60 utils for the last glass of wine he consumed. If the price of a glass of wine is $4, what is Ravi's marginal utility per dollar worth of wine? What is his marginal utility per dollar worth if the price were $..
Unused portion of the building for video game rentals : The World of Videos operates a retail store that rents movie videos. For each of the last 10 years, World of Videos has consistently earned profits exceeding $38,000 per year. The store is located on prime real estate in a college town. World of Vide..
Explain what is meant by marginal revenue : Because the primary goal of a "for profit" business is to make as much profit as possible or to maximize that profit, it should follow that the activities of the business would focus on efficiency and effectiveness of operations. Explain what is mean..
Used to provide for consumption when middle-aged : Consider an economy of three-period-lived people in overlapping generations. Each person is endowed with y goods when young and old and nothing when middle-aged. The population of each generation born in period t is Nt, where Nt = nNt-1. There are no..
What might cause monopoly : Many firms might like to be monopolies because such firms earn economic profits in the long run. What might cause a monopoly? A firm is likely to be a monopoly if

Reviews

Write a Review

 

Business Economics Questions & Answers

  Pay matrix and the nash equilibrium

Assume that this is a pass/fail assignment, where the passing grade is low enough that one person can produce a passing paper.

  Essential distinctions among the stages growth theory

A university registrar who uses her experience with university admissions along with your high school grades, application essays, letters of recommendation.

  Which good should the government impose the tax if it needs

which good should the government impose the tax if it needs to maximize government revenue

  How do the economic concepts in this course affect strategic

Based on your knowledge of strategy formation, how do the economic concepts in this course affect strategic planning?

  Recent industry report concluded that the global demand

A recent industry report concluded that the global demand for the good X is expected to increase. Based on the demand projections given in the report Colaba, a firm that produces and sells X, is contemplating hiring more labor to increase production.

  Explain how might that change the outcome you predicted

If you get this classmate as your partner on a series of projects throughout the year, rather than only once, Explain how might that change the outcome you predicted in part (b).

  Data pertain to products-change in consumption of good

The following data pertain to products A and B, both of which are purchased by Madame X. Initially, the prices of the products and quantities consumed are: Madame X has $100 to spend per time period. After a reduction in price of B, the prices and qu..

  Transfer on world demand for advanced goods

A number of developing countries have accumulated a considerable volume of external debt. In this question, we examine the impact on the terms of trade of the developing countries that would result from repaying part of this debt. What is the effect ..

  How the liquidity effect has diminished over time

rises over longer periods. Another research paper verifies these results, but shows how the liquidity effect has diminished over time.

  Environmental issues or black market human organ sales

Select a social problem where free markets are not allowed to function and describe why? Please do not describe illegal drugs, environmental issues or black market human organ sales?

  What did the fed actually do

Assume the full- unemployment rate is 5% . What could the Fed do in 2002-2003 in order to bring the economy back to full-unemployment ? What did the Fed actually do? Explain in detail

  Discuss possible indifference curve which could correspond

Graph the budget constraints facing each of the three families and discuss a possible indifference curve which could correspond to the choice each family makes.

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