What type of utility function is this

Assignment Help Business Economics
Reference no: EM13771207

PLEASE SHOW WORK AND STEPS

Melissa's utility function is U = min (L, E/2, 2T)   where L are lattes, E are eggs, and T is toast.

She is on a diet, and her calorie constraint for breakfast is Cbar = 600 calories. Suppose lattes have 300 calories, eggs have 100 calories, and toast also has 100 calories per serving.

a. What type of utility function is this? Are these good complements, substitutes, or perfect substitutes?

b. If she has to eat only whole servings, what will she have for breakfast, and how many calories will she consume? If she can eat partial servings, how would your answer differ?

Reference no: EM13771207

Questions Cloud

Question regarding the manufacturing budget analysis : Tom Emory and Jim Morris strolled back to their plant from the administrative offices of Ferguson & Son Manufacturing Company. Tom is manager of the machine shop in the company's factory; Jim is manager of the equipment maintenance department.
What is the firms average cost at this output : The White Company is a member of the lamp industry, which is perfectly competitive. The price of a lamp is $50. The firm’s total cost function is TC = 1,000 + 20Q + 5Q2 where TC is total cost (in dollars) and Q is hourly output. What is the firm’s ec..
Data encryption as a method of protecting data : Which one of the following statements is most correct about data encryption as a method of protecting data
Explaining the three key chapters of the us bankruptcy code : Prepare a 2-3 page, double-spaced paper explaining the three key chapters of the U.S. Bankruptcy Code (7, 11, and 13), and how each chapter operates in our bankruptcy court system. Do individuals/corporations filing for bankruptcy progress through..
What type of utility function is this : Melissa's utility function is U = min (L, E/2, 2T)   where L are lattes, E are eggs, and T is toast. She is on a diet, and her calorie constraint for breakfast is Cbar = 600 calories. Suppose lattes have 300 calories, eggs have 100 calories, and toas..
What technology would you put on your list to purchase : what technology would you put on your list to purchase? Be specific about which systems you would purchase by doing some research.
Write about the security threats and vulnerabliities : The topic is Security Threats and Vulnerabliities write about the latest developments and issues.
Is supply elastic or inelastic : Assume that the price of Smartphone’s increased from $420 to $444 per unit. The manufacturer decides to supply 15,000 units instead of 12,000. Calculate the price elasticity of supply.
Review and analysis of the annual report : Research the Internet or the Strayer Library for a publicly traded company and then download the annual report for the most recent year reported for use in this assignment. Based on your review and analysis of the annual report, prepare a ten to tw..

Reviews

Write a Review

Business Economics Questions & Answers

  Discuss soutwest delta airlines merger

Discuss Soutwest Delta airlines merger and describe the competitive environment within the industry. Is there a dominant firm.

  Elucidate does the coffee market meet all six conditions

Is the market for coffee perfectly competitive. Elucidate does the coffee market meet all six conditions of a perfectly competitive market.

  Illustrate what would happen to the profits cpi makes

Illustrate what would happen to the profits CPI makes via their toothpaste division.

  A car manufacturing company adopts a new technology that

A car manufacturing company adopts a new technology that, ceteris paribus, increases the productivity of capital. At the same time, workers unionize and demand higher wages. Assume that for this firm capital and labor are substitutable. Which of the ..

  Explain why these vending machines differ

Newspaper vending machines are designed so that once you have paid for one paper; you have access to all the papers in the machine and could take multiple papers at a time. However, other vending machines dispense only one item (the item you bought)...

  What is the expected value of the gamble

You have initial wealth of $500 and are offered the following gamble. You flip a coin and if you get heads, you win $1000. If you get tails you lose $500. What is the expected value of the gamble?

  Illustrate what was the value of the government expenditure

Illustrate what was the value of the government expenditure multiplier. Suppose that investment declined by $40 to a level of $60. What will be the new level of equilibrium income.

  What will be the average cost of producing the watch

Suppose that the learning effect coefficient in the production of wrist watches is -0.2. If the average cost of producing the first watch is $100, what will be the average cost of producing the 40 th watch?

  Briefly elucidate why magnification effect plays

Briefly elucidate why magnification effect plays an important role in predicting where various groups in economy will support or oppose international trade.

  What is the impact of the trade surplus or trade deficit

What is the impact of the trade surplus or trade deficit upon the interest rates and currency exchange rates.

  Find the mean and standard deviation of the total payments

His uncertainty about total sales of the book can be represented by a random variable with a mean of 30,000 and a standard deviation of 8,000. Find the mean and standard deviation of the total payments he will receive.

  What would happen to the profits cpi makes

If CPI was somehow able to monopolize the market what would happen to the price of toothpaste, would it rise or fall? What would happen to the profits CPI makes via their toothpaste division?

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