Preferences are transitive-Macadamia nuts or cashews

Assignment Help Business Economics
Reference no: EM13852567

Smith likes cashews better than almonds and likes almond better than walnuts. He likes pecans equally as macadamia nuts and prefers macadamia nuts to almonds. Assuming his preferences are transitive, which does he prefer: (explain your answer?)

a. Pecans or walnuts?

b. Macadamia nuts or cashews?

Reference no: EM13852567

Questions Cloud

Consider the salaries to be reasonable based : Ed and his wife Kathie own all of the stock of Crispin, Inc. Kathie is the president and Ed is the vice president. Kathie and Ed are paid salaries of $500,000 and $350,000, respectively, each year. They consider the salaries to be reasonable based on..
Find the p-value : Find the P-value for this test
What rights may wendy have pursuant to title vii : The person conducting the interview commented that "You probably won't be here long once that happens." The company instead hired a male applicant who had a Bachelors Degree, but no experience. What rights may Wendy have pursuant to Title VII
Generous to the business community : Do you think bonus depreciation is too generous to the business community or is it necessary to continue to stimulate the economy?
Preferences are transitive-Macadamia nuts or cashews : Smith likes cashews better than almonds and likes almond better than walnuts. He likes pecans equally as macadamia nuts and prefers macadamia nuts to almonds. Assuming his preferences are transitive, which does he prefer:
Outcome that can result from either price ceiling : An outcome that can result from either a price ceiling or a price floor is:
Draw his budget constraint and indifference curves : Boris budgets $9 weekly for his morning coffee with milk. He likes it if it is prepared with 4 parts coffee, 1 part milk. (Milk and coffee are perfect complements here). Coffee costs $1/oz, and milk $0.5/oz. Draw his budget constraint and indifferenc..
Draw her indifference curves : Paula has set aside $60 monthly budget to attend plays and watch movies. She likes plays exactly three time as much as she likes movies. Draw her indifference curves. If the price of movies decreases to 4 dollars how many movies will she see?
Opponents of the minimum wage point out that minimum wage : Opponents of the minimum wage point out that the minimum wage:

Reviews

Write a Review

Business Economics Questions & Answers

  What do economists mean when they say markets are mutually

What do economists mean when they say markets are mutually interdependent? Give an example to support your explanation

  Calculate the price elasticities of demand in each market

Calculate the price elasticities of demand in each market and discuss these in relation to the prices to be charged in each market.

  Evaluate the market for movies in micropolis

Suppose that you own a 25 year old movie theatre in Micropolis. It has 6 screens and a concession stand. Across town there is a 7 year old movie theatre with 4 IMAX screens and 20 more regular screens. For each of the characteristics listed below, ev..

  Consider that two countries brazil and argentina have the

consider that two countries brazil and argentina have the same rates of investment population growth and depreciation.

  Find the current price

Hollow just paid a dividend of $1.68.They expect dividends to grow at 10% for the next 3 years. After year 3, the growth rate will fall to the industry average of 3%.If the required return is 8%, find the current price.

  The demand for electricity

the demand for electricity and the concept that nuclear is cleaner than coal and who the special interest groups are that's involved

  Two alternative recreation projects

County is considering using a piece of park land for one of two alternative recreation projects. Project A would require construction costs of $2 million (year 0) and generate net benefits of $1 million per year for 10 years.

  Utility function-non-labour income decreased

Woody's utility function is U(C, R)= C- (12-R)^2, where C is his consumption and R is the amount of leisure he has per day. He has 16 hours a day to divide between work and leisure. He has an income of 20$ a day from non-labour sources. If Woody can ..

  Decreasing returns to scale imply that

Decreasing returns to scale imply that.  When average cost is falling, marginal cost is ____________ and when average cost is rising, marginal cost is _________________.  If the price of an input changes, there will be a new expansion path. As long a..

  Demand-aggregate supply

Does the aggregate demand-aggregate supply model support Bernanke's thesis.

  What are the factors determining the nominal interest rates

What are the factors determining the nominal interest rates. The real risk-free interest rate is determined in the loanable funds market by supply and demand for real loanable funds. What 4 changes (?) would shift the supply of real loanable funds..

  Compute real gdp per person for this nation

Compute real GDP per person for this nation in 2001, in 2000 euros per person. Round your answer to the nearest euro.

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