What is marginal utility per dollar worth of wine

Assignment Help Business Economics
Reference no: EM131091215

Assume that Ravi's marginal utility is 60 utils for the last glass of wine he consumed. If the price of a glass of wine is $4, what is Ravi's marginal utility per dollar worth of wine? What is his marginal utility per dollar worth if the price were $6 per glass of wine? If the price were $2? 

Reference no: EM131091215

Questions Cloud

What prompted change effort and what was targeted to change : Who are the stakeholders in this case, and which ones are most important. Why? What prompted the change effort, and what was targeted to change? Why was the proposed change controversial?
Discuss risks that you may face during semester as student : Identify and discuss risks that you may face during a semester as a student. Classify such risks into three groups, i.e., risks that insurance contracts generally exist to help you manage them, risks that some type of government or social policy exis..
Why do insurance contracts exist for some but not all risks : Why do insurance contracts exist for some, but not all risks? Why do we have government programs to lessen some types of risk and what are the effects of these programs on individual behavior?
Explain the law of diminishing marginal utility : Define marginal utility. Explain the law of diminishing marginal utility. Why is marginal utility more useful than total utility in consumer decision making?
What is marginal utility per dollar worth of wine : Assume that Ravi's marginal utility is 60 utils for the last glass of wine he consumed. If the price of a glass of wine is $4, what is Ravi's marginal utility per dollar worth of wine? What is his marginal utility per dollar worth if the price were $..
Unused portion of the building for video game rentals : The World of Videos operates a retail store that rents movie videos. For each of the last 10 years, World of Videos has consistently earned profits exceeding $38,000 per year. The store is located on prime real estate in a college town. World of Vide..
Explain what is meant by marginal revenue : Because the primary goal of a "for profit" business is to make as much profit as possible or to maximize that profit, it should follow that the activities of the business would focus on efficiency and effectiveness of operations. Explain what is mean..
Used to provide for consumption when middle-aged : Consider an economy of three-period-lived people in overlapping generations. Each person is endowed with y goods when young and old and nothing when middle-aged. The population of each generation born in period t is Nt, where Nt = nNt-1. There are no..
What might cause monopoly : Many firms might like to be monopolies because such firms earn economic profits in the long run. What might cause a monopoly? A firm is likely to be a monopoly if

Reviews

Write a Review

Business Economics Questions & Answers

  What value of y survives

What value of y survives as a solution if all firms are competing for high ability workers.

  Business cycles are all alike

Robert Lucas said that "...business cycles are all alike', yet from Chapter 3, we see that the times series of deviations from trend in real GDP is "choppy", and there is no regularity in either the amplitude or frequency of fluctuations in real GDP ..

  Risk-averse person prefers gamble

Which of the following statements is TRUE? A risk-averse person prefers gamble B to gamble A. A risk-averse person prefers gamble A to gamble B. A risk-neutral person prefers gamble A to gamble B. A risk-neutral person prefers gamble B to gamble A.

  Some of the forces working against freer global trade

Some of the forces working against freer global trade are:

  Which type of research design is appropriate

Which type of research design is appropriate

  Compared to perfectly competitive firms

Compared to perfectly competitive firms, oligopolies are:

  Biolyses is a biotech division of alphacon pharmaceuticals

biolyses is a biotech division of alphacon pharmaceuticals. in its 8 years of survival biolyses has had only one drug

  Summarizes powers granted by the constitution

The reading summarizes powers granted by the Constitution - some powers are granted to the Federal government, some powers are granted to state and local governments, some powers are shared. After reviewing the assigned material on these powers, choo..

  Statement is true holding other things constant

China has begun to allow gradual changes in the RMB/dollar rate since 2005. There are still observers believed the RMB is undervalued. Which of the following statement is true holding other things constant?

  Is there any nash equilibrium that is not subgame-perfect

Suppose that Player 1 first plays Top, Middle or Bottom. Player 2 only finds out whether player 1 has played Bottom. If so, he plays Left or Right; if not, he plays In or Out. Draw the game tree, identify the subgame(s), find the subgame perfect equi..

  Q1 used music cds rise in price from 7 to 8 and total

q1. used music cds rise in price from 7 to 8 and total revenue falls from 700 to 640.bull a. is the demand curve over

  Final payment be made and how much is it

A student loan totals $18,000 a graduation. The interest rate is 6%, and there will be 60 payments beginning 1 month after graduation. If this student received $1,500 as a graduation present and uses it to pay off an extra $1500 in the first month, w..

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