Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Jeremy is an economics student who loves hamburgers. He could eat any number of them for dinner, but he gets a really bad stomach ache after eating a certain amount. In fact, his utility function for hamburgers is given by:
U(q) =10q = q2/2
where q is the number of hamburgers he eats for dinner (with q ≥ 0).
(a) How many hamburgers can Jeremy eat before he gets a stomach ache (that is, before his utility becomes negative)?
(b) Calculate the optimal number of hamburgers that Jeremy can eat as a function of p, the price per hamburger. (Hint: You have to maximize Jeremy's "net utility". That is, his utility minus the amount he spends on hamburgers.)
(c) Derive Jeremy's inverse demand for hamburgers.
(d) Compute Jeremy's consumer surplus as a function of p.
(e) Show that Jeremy's net utility as a function of p coincides with his consumer surplus
explain the central problem of economy with production possibility curve?
Devil's Advocate Explicit role undertaken by a group member who actively questions and challenges the group's ideas, procedure, and decisions. Such active questioning helps de
Determinants of Private Demand - Regional Disparity There is imbalance in distribution of facilities. There are over 600000 villages in India. And there were over 8737 degree
could the village prepare 14 campsites and grow 350 pawpaws?explain your answer.
ELEMENTARY THEORY OF PRICE FORMATION: DEMAND-SUPPLY ANALYSIS: We discuss the elementary theory of price formation. Demand curve in the market is derived from the aggregate con
Trade union can also pay a useful role in improving the wages of the workers without causing adverse effects on employment. This case which is intensely associated with the idea of
Q. What is Economic efficiency? Economic efficiency Explain a situation where the total value of the end uses, to which the resources are put, is maximised. A consequence is th
Explain 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 commod
Government Production: Some production in the economy is undertaken directly by governments (or several kinds of government agencies) in order to meet public requirements (as disti
Question 1: Compare and contrast between perfect competition and monopoly. Which of the two types of market structures is efficient? Question 2: Prepare a short notes
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd