Two types of scottish beer

Assignment Help Macroeconomics
Reference no: EM131211571

Suppose there are two types of Scottish beer, Skullsplitter and Dragonhead Stout. Draw indifference curves for the following consumers (put Skullsplitter on the x-axis andDragonhead Stout on the y-axis).

a. Angus likes variety and prefers to drink Skullsplitter and Dragonhead Stouttogether.

b. Hamish dislikes variety; he likes to drink the same thing all the time.

c. Tam only cares about the alcohol content in his drink; he wants to drink the beerthat contains as much alcohol as possible. Suppose that Skullsplitter has 5%alcohol content and Dragonhead Stout has 10% content. What do Tam'sindifference curves look like?

d. If Archibald's indifference curves are upward sloping, what does this say aboutSkullsplitter and Dragonhead Stout for him?

Reference no: EM131211571

Questions Cloud

Assuming that expected and actual return were same : NorthEastern Logistics Inc. has PBO balance of $450,000 and Plan Assets balance of $ 420,000 on Jan 1, 2015. Actuarial valuation of PBO at Dec 31, 2013 was $520,000. Service cost for 2015 was $20,000 and expected rate of return and settlement rate wa..
Equilibrium price quantity pair : Question 1: You know that the inverse demand curve is defined by the following function: P=25-Q and costs are defined by 5*Q (so you know MC is 5 for all possible levels of Q). a. What is the equilibrium price quantity pair if the market is perfect..
What data rates may be supported by coherent fsk : A channel of bandwidth 50 kHz is available. Using null-to-null RF bandwidths, what data rates may be supported by BPSK
Explain what is the meaning of demutualization : What is the meaning of demutualization? Briefly explain the advantages of demutualization of a mutual life insurer. What is a mutual holding company?
Two types of scottish beer : Suppose there are two types of Scottish beer, Skullsplitter and Dragonhead Stout. Draw indifference curves for the following consumers (put Skullsplitter on the x-axis andDragonhead Stout on the y-axis).
Used by stakeholders and potential stakeholders : Kobyashi Moru Pet Food, USA Limited, does not disclose segment information for its various divisions and profit centers because Chinese accounting standards do not require it. Prepare a report that indicates the affect of the above cited differences ..
By how much does measured gdp increase : 1. By how much does measured GDP increase? 2. Do you think the increase in measured GDP accurately reflects the effect on output of your decision to work? Explain.
What is the profit earned by mystical corporation : Mystical Corporation manufacturers a single product with the following unit costs for 5,000 units:  What is the profit earned by Mystical Corporation on the original 5,000 units ? Should Mystical accept the special order if its goal is to maximize sh..
Long-run equilibrium of the taxi industry : Using diagrams, illustrate and discuss the long-run equilibrium of the taxi industry and individual monopolistic competitive taxi companies before and after the introduction of UberX. (Hint: use one diagram for the industry and a separate diagram ..

Reviews

Write a Review

Macroeconomics Questions & Answers

  Income elasticities of demand

a. Suppose Px= 9, Py= 16, and Income M. Find the utility maximizing quantities of x and y. b. Find the demand function of x and y. c. What are the price elasticities of demand for x and y? What are the income elasticities of demand for x and y? d. Wh..

  Calculate your price elasticity of demand of widgets

Suppose the price of widgets rises from $5 to $7 and consumption of widgets falls from 25 widgets a month to 15 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets? Is it..

  What is megabuss prot from price discriminating

What is Megabus's prot from price discriminating? If Megabus could not price discriminate, they would have to set one price for both students and non-students. What demand curve does Megabus face if they cannot price discriminate? What is Megabus'..

  Employees received for that week

In a particular week, Nora sells goods to the value of £4,500; Odette works 38 hours at standard rate, plus 5 hours overtime at time-and-a-quarter. Calculate how much each of the three employees received for that week.

  Describe the benefits and costs associated with each

Describe the benefits and costs associated with each type of externality. What happens to the Supply and/or Demand curve.

  Define and identify opportunity costs

Define and identify opportunity costs, fixed costs, variable costs, marginal costs, average costs, and sunk costs, and differentiate between economic costs and accounting costs.

  Inflation problems search the internet for the 2013

inflation problems. search the internet for the 2013 economic report of the president and use the gdp deflator price

  How much will aggregate demand increase if investors borrow

(b) By how much will the banking system lending capacity increase if the reserve requirement is 25% (c ) Must the interest rate rise or fall to induce investors to utilize this expanded lending capacity (d) By how much will aggregate demand increase ..

  Elucidate is the point price elasticity of demand

Elucidate is the point price elasticity of demand for Fantasy pinball machines

  Calculate the price of this bond if the ytm is

Microhard has issued a bond with the following characteristics:

  Compute the given limit

Compute the following limit: x √3tan-x1(-x)√-3∏/3 lim→where as usual tan-1(x) denotes the inverse tangent function.

  What will happen to production possibility frontier over tym

Assume that there are only two inputs (labor and natural resources) producing two goods (movies and gasoline) with no improvement in society's technology over time. Further, assume that natural resources are being rapidly depleted.

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