### What is marginal rate of substitution between flour and rice

##### Reference no: EM1372534

Q. Utility function: u = x1 x2 (x1: flour, x2: price)
consumer's income = \$2400
cost of 1kg of flour = \$20
cost of 1kg of rice = \$ 30

1. What is marginal rate of substitution between flour and rice?

2. What is amount of rice and amount of flour he should be consumed to maximize his utility?

#### Questions Cloud

 How far up the ladder can a person climb : A 46kg box is being pushed a distance of 7 m across the floor by the force vector P whose magnitude is 144N. The force vector P is parallel to the displacement of the box. Why does government mandate individuals to purchase : Why does government mandate individuals to purchase their own insurance in some cases such as automobile liability insurance but directly provide insurance to people in or situations such as health insurance. Develop a formula predicting the percentage : A 3.00 kg bucket of water is raised from a well by a rope. If the upward acceleration of the bucket is 2.20 m/s2, find out the force exerted by the rope on bucket of water. Implement bucket sort suing two-dimensional array : Where n is number of values to be sorted. Each row of two-dimensional array is referred to as bucket. Write class named BucketSort containing method called sort. What is marginal rate of substitution between flour and rice : What is marginal rate of substitution between flour and rice. What is amount of rice and amount of flour he should be consumed to maximize his utility. Purpose of need statement : What is the purpose of a need statement? What should it contain? What are some of the key factors that would help to determine whether or not an organization is ready to seek funding? Calculation of breakeven units : Jesse, Corporation, located in Mesa, Arizona, manufactures high-end baby chairs. The company's cost accountant, Lisa, has been assigned through the CEO to determine how many baby chairs Jesse, needs to make and sell in order to break even. What is the cheetahs kinetic energy : Through a hard sneeze, your eyes might shut for 0.70s. If you are driving a car at 100 km/h during such a sneeze, how far does the car move for the duration of that time. Cultural and linguistic ties : Explain what you feel is the historic importance of China and India to the rest of Asia, and how that significance is reflected today. Are there cultural and linguistic ties between Asian countries?

### Write a Review

#### Evaluating the financial feasibility

You arranged the subsequent information to use in evaluating the financial feasibility of starting your own agency.

#### Roscoes rascals match

Should Roscoe's Rascals match the price offered by the competitor.

#### Explain why is the usa called a democratic federal republic

Explain why is the usa called a democratic federal republic and how is our organization of government different than the canadian, israeli, japanese or french democracies.

#### Elucidate the effect this policy would have on the nation

Elucidate the effect this policy would have on the nation's real risk-free interest rate, nominal interest rates, real and nominal GDP.

#### Illustrate what happens to inflation is indeterminate

Illustrate what happens to inflation is indeterminate; it could be either higher or lower than in the standard model.

#### What is its role in differentiating nominal gdp and real gdp

Explain what the GDP cost index is and what is its role in differentiating nominal GDP and real GDP.

#### Orange crops in florida

In late 2006 and early 2007, orange crops in Florida were smaller than expected, and the crop in California was put in a deep freeze by an Arctic cold front.

#### How demand and supply service to change in the next year

What are the factors that affect the supply and demand of that good or service. How do you expect the demand and supply of that good or service to change in the next year.

#### Does rival have a dominant strategy

If your rival advertises and you do not, you will make \$1 million and your rival will make \$3 million. Does rival have a dominant strategy. What is Nash equilibrium for one-shot game.

#### Impacts on currency markets

Impacts on currency markets and on economic conditions within the country and globally.

#### Matter whether the inflation is expected or unexpected

Elucidate why or elucidate why not. Does it matter whether the inflation is expected or unexpected.

#### The marginal cost of producing

The marginal cost of producing the 101st unit of output is \$300. Illustrate what is the total cost of producing 101 units