Draw indifference curves - optimal consumption, Business Economics

Assignment Help:

You are allocating money between pizza and Chinese food over a month. You like a variety. 

 (a) Letting C denote the quantity of Chinese meals you consume in a month and P denote the quantity of pizza, construct a diagram and draw some indifference curves that might represent your preferences.  

(b) Suppose that you have $100 to spend per month on the two and pizzas cost $5 each and Chinese meals cost $10. Draw your budget line and an indifference curve with a consumption level that you regard as being optimal.  

(c) If the price of pizza falls, show how your optimal consumption might change? Could you perhaps consume more Chinese food after the change?


Related Discussions:- Draw indifference curves - optimal consumption

Pricing of product, assignment given to me about the methods of pricing of ...

assignment given to me about the methods of pricing of a product with five examples

Managerial economics, Managerial economics is the discipline which deals wi...

Managerial economics is the discipline which deals with application of "economic theory to business management" Discuss

Ethics, Discuss Morality in international context

Discuss Morality in international context

What is meant by the factor endowment theory, Question 1: a) Explain, ...

Question 1: a) Explain, with the use of examples, what is meant by the ‘Factor Endowment Theory'. b) According to you, can the ‘Factor Endowment Theory' be a reasonable e

#title.1. Given p=500-10Q. C1=5Q2 C2=50Q2, A. The correct duopolistic fi...

A. The correct duopolistic firm equilibrium o/p and price B. Equilibrium profit

What are harrod-domar assumptions, What are Harrod-Domar assumptions? T...

What are Harrod-Domar assumptions? The H-D (Harrod-Domar) model assumes as: • Fixed capital output ratio. Nonetheless, diminishing marginal returns to capital element exist

Quantitative methods, What is matrix algebra, give some examples and its ty...

What is matrix algebra, give some examples and its types

Gross domestic production, Explain the statement "during the second quarter...

Explain the statement "during the second quarter of 2010 Irish gross domestic product fell by 1.2%. According to given statement Ireland's gross domestic production fell down i

What is meant by the term value tree, What is meant by the term value tree?...

What is meant by the term value tree? Value Tree: A value tree gradually decomposes the overall objectives of a project within more exact objectives which can be agreed through

Write Your Message!

Captcha
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