Quantity combinations on the demand curve for good

Assignment Help Business Economics
Reference no: EM131866715

Supose a consumer's utility function is U(X,Y) = X + 2Y. The consumer has $8 to spend (M = $8). The price of good Y is PY = $2. Fill in the table below which gives price/quantity combinations on the Demand Curve for Good X:

Px= 1/4

Px=1/2

Px= 2

Px=4

Reference no: EM131866715

Questions Cloud

What is the opportunity cost of going to college : What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college?
What is the equation of budget line : The price of rental housing is Ph=$5/square foot and the price of food if Pf=$3/ pound. What is the equation of her budget line?
Us dollar and maintains free capital mobility : Hong Kong's monetary authority fixes exchange rates against the US dollar and maintains free capital mobility. Assume that goods prices are sticky in the short
How to market my business in each zip code : I am creating a business that can work with local schools and businesses. I require a 4-page document with an overview how to market my business in each zip.
Quantity combinations on the demand curve for good : The consumer has $8 to spend (M = $8). The price of good Y is PY = $2. Fill in the table below which gives price/quantity combinations on the Demand Curve for G
Criterion for additional lending : Suppose an international development bank is deciding whether to use the head-count index or the poverty gap to measure the effects of a countrys poverty
How documents are treated as corporate records : How [electronic] documents are treated as corporate records that must be retained according to legal requirements and corporate guidelines.
Price of the components used to produce smartphones : Prices of smartphones (assume that this is a normal good) have fallen in recent years. Over this same period, the price of the components used to produce
Describe the concepts of family and culture : Using your own words, describe the concepts of family and culture. How do the descriptions differ from strict definitions of the terms?

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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