How many units of each good does he purchase to maximize, Ask an Expert

Economics

If George spends $5 (total) a week on good X and good Y, and if the price of each good is $1 per unit, then how many units of each good does he purchase to maximize utility?

To maximize the utility, George has to spend all his money buying one type of good. Either he buys 5 units of good X or 5 units of good Y.

problem: Given the number of units of each good George purchased in the above summary, what is his total utility?

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M963011

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question from the early 1950s through 1973 the japanese

Question: From the early 1950s through 1973, the Japanese economy grew at an average annual rate of almost 10%. It then slowed down to 5% per year from 1973 through 1991, and 1% per year from 1992 through 1998. (A) What ...

Quesiton in germany it takes three workers to make one

Quesiton: In Germany it takes three workers to make one television and four workers to make one video camera. In Poland it takes six workers to make one television and 12 workers to make one video camera. a. Who has the ...

Question a construction company is building an airport that

Question: A construction company is building an airport that would cost $500 million to build and cost nothing to maintain. The airport sets the price to maximize profit. A Table of the price and number of flights is giv ...

Question consider the following products decide whether

Question: Consider the following products. Decide whether each one meets the conditions of perfect competition-state that it does or does not. Try, as much as possible, to answer these questions related to this good:Do b ...

Question 1on what basis did the court conclude that

Question: 1. On what basis did the court conclude that Microsoft was a monopoly (see "Market Share")? 2. What was Microsoft's market share of Intel-compatible PC operating system? Of all operating system, including those ...

Question suppose that the government sets a price floor for

Question: Suppose that the government sets a price floor for milk that is above the competitive equilibrium price and that the government does not purchase any surplus milk. a. Draw a graph showing this situation. Be sur ...

Question draw a graph that shows a monopolist earning a

Question: Draw a graph that shows a monopolist earning a profit. Be sure your graph includes the monopolist's demand, marginal revenue, average total cost, and marginal cost curves. Be sure to indicate the profit-maximiz ...

Question why might mcdonalds and its franchisees disagree

Question: Why might McDonald's and its franchisees disagree on the proper retail price to charge? How do the incentives of the parent and its franchisees differ under a standard revenue-sharing franchise contract? The re ...

Question drug law enforcers can concentrate their efforts

Question: Drug law enforcers can concentrate their efforts on reducing supply or demand, removing suppliers or removing demanders. a. Assuming that your goal is to raise the price of drugs to a prohibitive level, should ...

Question you are a manager for a firm in an industry where

Question: You are a manager for a firm in an industry where prices have been flat for the past several years. The rate of inflation now rises from 2% to 4%, but the FOMC does not immediately boost the funds rate. Is this ...

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 Microeconomics Expert