Consider the utility function u min6x 4ya draw the, Ask an Expert

Economics

Consider the utility function U = min(6x, 4y)

a) Draw the indifference curve for U = 48. Label at least 2 specific points

b) Explain why the general method for finding the utility maximizing quantity of inputs will not work for this utility. Be specific about the missing condition on preferences that causes this problem. How do you find the utility maximizing point for such a function?

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M91401176

Have any Question?Write your Review or question?

Related Questions in Business Economics

Under what circumstances would lras and sras have the same

Under what circumstances would LRAS and SRAS have the same slope?

Suppose that the price of a product falls from 70 to 60 and

Suppose that the price of a product falls from $70 to $60, and the quantity demanded as a result increases from 30 units to 40 units. Calculate the price elasticity of demand for this product. Is the product elastic, ine ...

You sell bicycle theft insurance if bicycle owners do not

You sell bicycle theft insurance. If bicycle owners do not know whether they are high- or low-risk consumers, is there an adverse selection problem?

Explain how financial leverage at investment banks differed

Explain how financial leverage at investment banks differed from financial leverage at more traditional commercial banks. What is the benefits of this leverage? What are the primary risks associated with financial levera ...

A leasing firm operates on the assumption that the annual

A leasing firm operates on the assumption that the annual number of miles driven in its leased cars is normally distributed with mean 13,500 and standard deviation 4,000 miles. To see whether this assumption is valid, a ...

A lottery game has balls numbered 1 through 19 what is the

A lottery game has balls numbered 1 through 19. What is the probability of selecting an even numbered ball or a 9

Use the standard normal distribution or Use the standard normal distribution or

Use the standard normal distribution or the? t-distribution to construct a 90?% confidence interval for the population mean. Justify your decision. If neither distribution can be? used. In a recent? season, the populatio ...

A representative from your company visited a prison and

A representative from your company visited a prison and sampled 500 prisoners in Kailil, concluding that 90 of them are political prisoners. The Test hypothesis, at the 5% significance level, that one third of the prison ...

What are the four main points of difference in terms of

What are the four main points of difference in terms of utility, value, rationality, and equilibrium between the classical and neoclassical schools of thought? Briefly describe each one.

Find the mean and the standard deviation of a binomial

Find the mean and the standard deviation of a Binomial Distribution with n = 65 and p = 0.32 Mean = 24; Stand. Deviation= 4.1 Mean = 20.8; Stand. Deviation= 3.76 Mean = 28; Stand. Deviation= 3.66 Mean = 21.8; Stand. Devi ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert