Expenditure on certain goods have increased

Assignment Help Business Economics

Reference no: EM131163850

Why is it that the expenditure on certain goods have increased even when income has declined and the price of these goods has increased also? A couple examples of this are in health care and transportation costs such as gas.

a. Can a Cobb-Douglas utility function answer this? Explain.

b. If not a Cobb-Douglas utility function, what kind of utility function can explain this best?

Reference no: EM131163850

Questions Cloud

Programming in common appliances : In this assignment, you will research the use of programming in common appliances used in day-to-day life and discuss if the steps used in programming are flexible.

Supply of canadian dollars available for sale in market : If the US inflation rate becomes high relative to Canadian inflation the following outcomes will occur for the scenarios listed - The demand for Canadian dollars will increase; The supply of Canadian dollars available for sale in the market will decr..

Find time required for tank density to drop by 50 percent : Find the time required for the tank density to drop by 50 percent.

Discuss the type of individuals : Discuss the type of individuals we need to become to consume the varied media mentioned above. Discuss how HCI, human psychology, and human behavior are closely related in terms of media creation and consumption.

Expenditure on certain goods have increased : Why is it that the expenditure on certain goods have increased even when income has declined and the price of these goods has increased also? A couple examples of this are in health care and transportation costs such as gas. Can a Cobb-Douglas utilit..

How long will it take to fill the cone : A hollow conical container, standing point-down, is 1.2 m high and has a total included cone angle of 80 . It is being filled with water from a hose at 50 gallons per minute. How long will it take to fill the cone?

Summarize the results of your analysis : Your task is simply to summarize (in your own hand-writing) the results of your analysis in the answer-sheet provided separately (you would be pleasantly surprised to discover how elegantly you are still able to write!).

Beneficial to organizations in cm planning : Locate the National Response Framework. Download it and read it. What information would be beneficial to organizations in CM planning?

Derive an expression for outlet mass flow as a function : A bellows may be modeled as a deforming wedgeshaped volume as in Fig. P3.31. The check valve on the left (pleated) end is closed during the stroke. If b is the bellows width into the paper, derive an expression for outlet mass flow as a function o..

User Account

All Pages