What are perfect subtitutes

Assignment Help Microeconomics
Reference no: EM13974312

1.What are perfect subtitutes? Give some real world examples. What dotheir indifference curves look like? Can you give a utility function for perfectsubstitutes? 2.What are perfect complements? Give some real world examples. What dotheir indifference curves look like? Can you give a utility function for perfectcomplements? 

 

Reference no: EM13974312

Questions Cloud

The highland commodities company is a typical firm : The Highland Commodities Company is a typical firm in a perfectly competitive market has a cost structure described by the equation: C = 25 - 4QF + Q2F where QF is measured in thousands of units.
Express a protein in a prokaryotic system : develop molecular logic gates has allowed the design of complex synthetic genetic pathways with myriad combinations and applications possible. Now organisms can be engineered to perform genetic "calculations" and respond in specific ways under spe..
What modification could odelia make to increase iron content : What modifications could Odelia make to increase the iron content of her dinner? Does Odelia's diet meet the recommendations of the Food Guide Pyramid for vegetarians?
Discuss the 3 important characteristics of life insurance : Please define each of the followingand provide one scenario in which each plan or type of coverage would be appropriate.
What are perfect subtitutes : 1.What are perfect subtitutes? Give some real world examples. What dotheir indifference curves look like? Can you give a utility function for perfectsubstitutes? 2.What are perfect complements? Give some real world examples. What dotheir indifference..
Why is the marginal cost curve the supply curve : Why is the marginal cost curve the supply curve for a firm that maximizes it profits? Explain your answer with a graph.  Show the areas of profits for any price that the firm may face. (6)Let's pretend that you are in the competitive shelter-building..
What is the basis of their power : Who are the most powerful people/units in your organization? Why? What is the basis of their power?
The usa air crop makes fighter jets : The USA Air Crop makes fighter jets, but competes with the French for the world market.  The government of the USA wants to “smash” the competition so it decides on a subsidy to USA Air so that USA Air can change a below equilibrium price for its jet..
What seasonal relatives would describe this situation : The manager of a fashionable restaurant open Wednesday through Saturday says that the restaurant does about 35 percent of its business on Friday night, 30 percent on Saturday night, and 20 percent on Thursday night. What seasonal relatives would desc..

Reviews

Write a Review

Microeconomics Questions & Answers

  Why is the effect of the multiplier finite

Normal 0 false false false EN-US X-NONE X-NONE Explain the multiplier intu..

  Which nation will export cheese to the other

Given the following production capabilities for cheese and bread, which nation will export cheese to the other? What might be a mutually beneficial exchange rate for cheese and bread?

  Does recycle price offered on aluminum cans over glass

why have soft drink firms chosen to use aluminum cans over glass bottles to fill its contents? how does the recycling

  Illustrate the impact of this avoidance on the pork industry

The pork industry is dominated by large corporate farms that pollute the underground water table with waste material from the slaughter of pigs. The farms ignore this pollution. Use a supply and demand analysis to illustrate the impact of this av..

  What ways are national income statistics useful

In what ways are national income statistics useful - Explain why an economy's output, in essence, is also its income.

  How many workers should dd employ to maximize profit

How many workers should DD employ to maximize profit?

  What is the socially efficient level of emissions abatement

Assume that scientific studies provide you with the following information concerning the benefits and costs of sulfur dioxide emissions: What is the socially efficient level of emissions abatement?

  Market price in long-run equilibrium

A firm in a purely competitive industry is currently producing 1000 units per day at a total cost of $450 and If the firm produced 800 units per day, its total cost would be $300, and if it produced 500 units per day, its total cost would be $275.

  Write down the normative economic statement and positive

write down the normative economic statement and positive economic statement. describe in detail write difference when

  Describe the relationship between price elasticity of

explain the relationship between the price elasticity of demand and total revenue. what are the impacts of various

  How does critical value of discount factor depend on product

How does the critical value of the discount factor depend on the degree of product dif- ferentiation r ? What does r = 1 imply about the relationship between the two goods?

  Changes in planned expenditures affect aggregate demand

how do changes in planned expenditures affect the aggregate demand curve?

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