Solution-What is mary income, Mary consumes just two goods

What is mary income

Assignment Help Business Management

Reference no: EM131092675

Mary consumes just two goods (1 and 2). Her budget line has intercepts of 20 for q1 and 40 for q2, and p2 = $10.

A. What is p1?

B. What is Mary's income (m)?

C. What will be Mary's willingness to exchange good 2 for good 1 in equilibrium (i.e., her MRS)?

Reference no: EM131092675

Questions Cloud

Looking for ways to improve customer satisfaction : A cellular phone company is looking for ways to improve customer satisfaction. They want to select a simple random sample of four stores from their 15 franchises in which to conduct customer satisfaction surveys.

Constant or decreasing returns to scale : A production function can exhibit increasing, constant or decreasing returns to scale. Describe the meaning of this statement using a simple production function Y = F (K, L), where K is capital and L is labor.

Which would allow either party to rescind the contract : Everyone who advocates a utilitarian approach agrees that the good to be sought is pleasure. Discuss: Are there any other candidates which might be better suited for deciding whether a consequence is good or not.

Key concepts are featured in the painting : Line, color, hue, balance, form and perspective were some of the key concepts covered in this week’s tutorial. Use the example of a painting by Peter Paul Rubens and discuss how one or more of this week’s key concepts are featured in the painting. Id..

What is mary income : Mary consumes just two goods (1 and 2). Her budget line has intercepts of 20 for q1 and 40 for q2, and p2 = $10. A. What is p1?

What are the long-run effects of this change on capital : Consider the optimal growth model with inelastic labor supply, and for simplicity assume that there is no population or productivity growth. What are the long-run effects of this change on capital

Charitable donations for a year : Creating a report can be tedious if individual pieces of information cannot be located. Suppose you want to report all of your charitable donations for a year. You know that you donate some amount of money every month, but you cannot find your rec..

Each of the situations below use supply elasticity : For each of the situations below use supply elasticity to explain the how the equilibrium price and quantity change. (a) The demand for collectable baseball cards from the 1950s increases. (b) The demand for silver decreases. (c) In the long run, the..

Nominal annual interest rate : A table saw costs $175 at a local store. You may either pay cash for it or pay $35 now and $12.64 a month for 12 months beginning 30 days hence. If you choose the time payment plan, what nominal annual interest rate will you be charged?

User Account

All Pages

What is mary income

Reference no: EM131092675

Reference no: EM131092675

Questions Cloud

Reviews

Write a Review

Business Management Questions & Answers

Anticipate what business law

Understanding the various management control mechanisms

What is the 360-degree appraisal

What is a venture capitalist

Ake an executive summary that appears at the beginning

Explain what type of organization do you want

Give examples of qualitative and quantitative factors

Explain what can the golfer do in order to make sure

Prepare a response letter to be sent to owners

Explain the concept of strategic compensation

Provide a brief explanation of the relationship between

Did the industry meet its responsibilities to society

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT