User Account

All Pages

Problem regarding the consumer preferences

Assignment Help Macroeconomics
Reference no: EM131198181

Can you walk me through how to get the solution for this problem?

Suppose a consumer's preferences can be represented by the utility function U(X,Y) = Min (2X,Y). Also, suppose the consumer has $300 to spend and the price of Good X is PX = $3 and the price of Good Y is PY = $1. If the consumer maximizes their utility subject to their budget constraint, how much of Good X and how much of Good Y will the consumer purchase?

Reference no: EM131198181

Questions Cloud

Class undermine governability : Discuss how hyper-identification with non-civic identities such as religion, ethnicity, race, or class undermine governability.
Should the supreme court overturn roe vs wade : Should Congress pass laws that restrict the accessibility of abortion in this country? Why or why not? Should the Supreme Court overturn Roe V.S Wade which was enacted in the 1970s that legalized abortions nationally in this country?
Fee for service versus managed care models : Discuss how Fee for Service versus Managed Care Models of Reimbursement Have Contributed Risk Avoidance in their Contract Negotiations
Discuss the fears you have about aging : What strategies would you recommend to mitigate the negative aspects of aging? What have you learned from this assignment and the text about the positive aspects of aging?
Problem regarding the consumer preferences : Suppose a consumer's preferences can be represented by the utility function U(X,Y) = Min (2X,Y). Also, suppose the consumer has $300 to spend and the price of Good X is PX = $3 and the price of Good Y is PY = $1.
Calculate the maximum steady-state torque : Sketch the torque versus rotor angle response if a torque slightly larger than this maximum value is suddenly applied to the unloaded machine when connected to an infinite bus.
Would a cross functional team be useful : As a group, discuss how the CFO and managerial accounting could assist Maxey in addressing the company's problems.- Would a cross-functional team be useful here? Briefly discuss.
Determinng the karl marx contributions to sociology : What do you make of Karl Marx's contributions to sociology? What perceptions of Marx have you been exposed to in your society, and how do those perceptions influence your views?
Discuss who you will administer this survey to and why : Choose a topic of interest that you would want to research through a survey design. Define a research question for this topic. Create a sample survey of five items to research this topic.

Reviews

Write a Review

Macroeconomics Questions & Answers

  Inflation targeting be a good policy

Why might it be difficult for the Fed to formally adopt inflation targeting?  Would inflation targeting be a good policy for the Fed in the present economic environment

  In using the taylor rule

In using the Taylor Rule as a guideline for monetary policy, what are the pros and cons of using forecasted values of inflation and output rather than observed values of these variables?

  Describe the present economic crisis situation in europe

Describe the present economic crisis situation in Europe.  Why has it been so difficult for the Europeans to find a solution to this problem?   Comment on what implications the crisis may have for the rest of the world if Europeans are not able to ag..

  Long-term federal government budget problems

Question:. Explain why there are long-term Federal government budget problems. Explain why the base-line forecast of the CBO is misleading.

  Derive and compare demand curve

Question based on Derive and compare demand curve,  Derive Ambrose's demand function for peanuts. How does it compare with Johnny's demand curve for peanuts?

  Problem based on utility function

Problem based on  Utility Function - Problem,  Answer and explain the following using a diagram which is completely labeled.

  Laffer curve : tax rate and tax revenue

Question based on Laffer Curve : Tax Rate and Tax Revenue,  Do raising tax rates necessarily raise tax revenue? What factors affect how tax revenue changes when tax rates change?

  Problem - income elasticity of demand

Problem - Income Elasticity of Demand,  Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5

  Positive balance of payment

Question Positive Balance of Payment: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments."

  Effect of recession on the investment curve

Comment on the effect of a recession on the investment curve (only) and on the level of savings, investment, and the equilibrium real interest rate in the financial crisis that hits United States first starting in fall 2007.

  Affect of falling domestic investment on trade surplus and

How will a fall in domestic investment affect the trade surplus and net capital outflows in the domestic economy, the trade deficit and capital inflows in the rest of the world.

  Crises in the banking sector and bank run

Banking crises crisis decreases depositors' confidence in the banking system. What would be the effect of a rumor about a banking crisis on checkable deposits in such a country?

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