Homework Answers
U= H + 2C
MUh = 1, MUc = 2
MRS = 1/2= 0.5
Ph/Pc = 1/1.5= 0.67
Because Ph/Pc > MRS
Thus only cheeseburgers should be consumed.
Number of hotdogs = 0
Number of cheeseburgers = 15/1.5= 10
Add Answer to:
4. Suppose in Janet's utility function two hot dogs are perfect substitutes for one cheeseburger. If...
In the graph below, Chandra must decide how to allocate his budget between hot dogs and...
In the graph below, Chandra must decide how to allocate his budget between hot dogs and hamburgers. If hamburgers cost $2 each, how much is Chandra's budget? Number of hot dogs 10 Number of 5 hamburgers $5 $15 $20 $25 $10 Economics has traditionally assumed that a consumer's problem is to maximize his or her income. ground speed. utility aspirations profit.
Harry loves both hot dogs and hamburgers. He receives about the same satisfaction from eating one...
Harry loves both hot dogs and hamburgers. He receives about the same satisfaction from eating one hamburger as he does from eating one hot dog, and the two goods fill the same need in Harry's life. The price of hot dogs has been extremely volatile for the past several years, and this year is no exception Hot dog prices decreased tremendously this month Assuming hot dogs and hamburgers are substitutes for Harry, what is the effect on Harry's demand for...
John considers milk (x1) and hot chocolate (x2) to be perfect substitutes at a rate of...
John considers milk (x1) and hot chocolate (x2) to be perfect substitutes at a rate of 2 : 1, that is, he always receives the same utility if he has two glasses of milk or one cup of hot chocolate to drink. He spends $12 a day on hot beverage, and milk cost $1 while hot chocolate cost $3 each. Draw the Income Offer Curve and Engel Curve for milk. Draw the Price Offer Curve and Demand Curve for milk....
5. Draw out examples of each of the following indifference curves: imperfect substitutes, perfect substitutes, and...
5. Draw out examples of each of the following indifference curves: imperfect substitutes, perfect substitutes, and perfect complements. 6. Jody enjoys having exactly 1 teaspoon of sugar with every cup of coffee she has. What does this say about her indifference curves between the two goods? What happens to her utility level when she is given 5 teaspoons of sugar with one coffee? (Just an explanation) 7. Jay’s Utility function is given by U(x,z) = 3x10.2 x20.8 and P1=$2 and...
John considers milk (x1) and hot chocolate (x2) to be perfect substitutes at a rate of...
John considers milk (x1) and hot chocolate (x2) to be perfect substitutes at a rate of 2 : 1, that is, he always receives the same utility if he has two glasses of milk or one cup of hot chocolate to drink. He spends $12 a day on hot beverage, and milk cost $1 while hot chocolate cost $3 each. [10 Points] What is the optimal bundle of milk and hot chocolate (x1, x2) which gives him the highest utility?...
4. In a two-good world, suppose a consumer views the goods as perfect substitutes. Draw a...
4. In a two-good world, suppose a consumer views the goods as perfect substitutes. Draw a graph of the consumer's choice problem, with a budget constraint and a few indifference curves. (Assume the slope of the indifference curves is different from the slope of the budget constraint.) What is notable about the consumer's preferred bundle?
4. In a two-good world, suppose a consumer views the goods as perfect substitutes. Draw a graph of the consumer's choice problem, with a budget...
There are many different types of hot dogs produced in the U.S. The data to the...
There are many different types of hot dogs produced in the U.S. The data to the right represents the published mean calorie contents of the various brands that produce beef hot dogs and the mean calorie contents of various brands that produce poultry hot dogs. (Treat these as samples.) Compute the mean calorie content for each type of hot dog. (beef and poultry) Beef Poultry X Y 186 129 181 132 176 102 149 106 184 94 190 102 158...
The Philadelphia Phillies occasionally offer “Dollar Dog Nights” as a way to promote attendance at ballgames...
The Philadelphia Phillies occasionally offer “Dollar Dog Nights” as a way to promote attendance at ballgames (baseball games routinely do not sell out). Suppose they sell hot dogs for $1 each and chili dogs for $3 each. Dan attends the game and has utility such that U = √? +√?. Dan only has $15 cash and no credit card. a. Draw a sketch of an indifference curve so that all bundles on the curve provide U=10. Let qH be on...
2-6% each part Suppose we have opened a catfish hot dog stand at the mall which will be open 4 hours per day. We are test marketing our sales at various prices to attempt to determine the best p...
2-6% each part Suppose we have opened a catfish hot dog stand at the mall which will be open 4 hours per day. We are test marketing our sales at various prices to attempt to determine the best price we should use for our catfish hot dogs. So, let: Price of the Number of y hot dogs $1.50 $3.00 $4.00 hot dogs sold 182 118 39 Notice that we have put these variables in the same order that we did...
Homework (Ch 15) Consider the daily market for hot dogs in a small city. Suppose that...
Homework (Ch 15) Consider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium with many hot dog stands in the city, each one selling the same kind of hot dogs. Therefore, each vendor is a price taker and possesses no market power MC) curves in the market for hot dogs The following graph shows the demand (D) and supply (S Place the black point (plus symbol) on the graph to...
In the graph below, Chandra must decide how to allocate his budget between hot dogs and hamburgers. If hamburgers cost $2 each, how much is Chandra's budget? Number of hot dogs 10 Number of 5 hamburgers $5 $15 $20 $25 $10 Economics has traditionally assumed that a consumer's problem is to maximize his or her income. ground speed. utility aspirations profit.
Harry loves both hot dogs and hamburgers. He receives about the same satisfaction from eating one hamburger as he does from eating one hot dog, and the two goods fill the same need in Harry's life. The price of hot dogs has been extremely volatile for the past several years, and this year is no exception Hot dog prices decreased tremendously this month Assuming hot dogs and hamburgers are substitutes for Harry, what is the effect on Harry's demand for...
4. In a two-good world, suppose a consumer views the goods as perfect substitutes. Draw a graph of the consumer's choice problem, with a budget constraint and a few indifference curves. (Assume the slope of the indifference curves is different from the slope of the budget constraint.) What is notable about the consumer's preferred bundle?
4. In a two-good world, suppose a consumer views the goods as perfect substitutes. Draw a graph of the consumer's choice problem, with a budget...
2-6% each part Suppose we have opened a catfish hot dog stand at the mall which will be open 4 hours per day. We are test marketing our sales at various prices to attempt to determine the best price we should use for our catfish hot dogs. So, let: Price of the Number of y hot dogs $1.50 $3.00 $4.00 hot dogs sold 182 118 39 Notice that we have put these variables in the same order that we did...
Homework (Ch 15) Consider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium with many hot dog stands in the city, each one selling the same kind of hot dogs. Therefore, each vendor is a price taker and possesses no market power MC) curves in the market for hot dogs The following graph shows the demand (D) and supply (S Place the black point (plus symbol) on the graph to...
Most questions answered within 3 hours.
-
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 19 minutes ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 1 hour ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 1 hour ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 1 hour ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 1 hour ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 2 hours ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 1 hour ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 2 hours ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 2 hours ago -
Please answer the question in brief.
Discuss the role of ERP in organizations. Are ERP tools...
asked 2 hours ago -
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 2 hours ago -
Buying your in-laws a gift because it’s expected is
due to the ____________ motive of gift-giving....
asked 2 hours ago