optimization, Microeconomics

Assignment Help:
Andrew has preference given by:
u(x,y) = min{2x, 3y}
The price for good x and good y are identical and equal to 4. At his optimal consumption bundle he achieves a utility of 90. What is his income?ion..

Related Discussions:- optimization

Explain the concept of circular flow of income, Problem 1: i) It has of...

Problem 1: i) It has often been argued that a monopoly has both costs and benefits. Discuss. ii) Explain, using diagram the short and long equilibrium positions of a monopo

Oligopoly, large firms charge the price which is higher than the small firm...

large firms charge the price which is higher than the small firms, contruct the diagram

Demand theory, what are some of recent development in theory of demand

what are some of recent development in theory of demand

Rational producer, would a rational producer be concerned with the average ...

would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?

What should be the appropriate growth rate in any country, What should be t...

What should be the decent/appropriate growth rate in any country?  Answer:   A growth rate of among 2-3% is considered normal for mature developed countries; for LICs, 5-7% is

Theories of microeconomics, Theories and Models ?? Microeconomic ...

Theories and Models ?? Microeconomic Analysis             – Theories are taken in use to describe the observed phenomena in terms of a set of essential  rules and

Explain why each of the following factors may influence the, Ask qExplain w...

Ask qExplain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the com

Describe the benefits of globalization, Question: There is widespread b...

Question: There is widespread belief that the process of globalization has largely bypassed Sub-Saharan Africa, leaving the sub-continent in a state of marginalization in the w

Describe the income and cross elasticity of demand, Problem: a. With th...

Problem: a. With the help of diagrams, describe how the price and quantity of potatoes will change under the different circumstances: (i) A severe drought affecting its pro

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