Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

Suppose you consume nothing but goods X and Y. We have two years?of data regarding your consumption and income:

Year 1:
I = $10 per week; PX = $1 per unit; PY = $1 per unit.
Your consumption: X = 6 units; Y = 4 units.

Year 2:
I = $20 per week; PX = $2.50 per unit; PY = $1.25 per unit.

(a) In which year are you happier? Show your result on a graph using indifference curves.

(b) In which year do you consume more Y? This should be obvious from your graph in (a), assuming your graph is correct.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M948224

Have any Question? 


Related Questions in Microeconomics

Key informationusing the readings supplied critically argue

KEY INFORMATION Using the readings supplied, critically argue in support of a single one of the following interventions to improve housing affordability: 1. Restricting credit to acquire property (e.g. tax added to mortg ...

Problem assignmentmicrosoft word - sio 20 problem

Problem Assignment Microsoft Word - SIO 20 Problem Assignment 4_2016.docx 1. Describe the life-cycle of a frontal cyclone (also called "wave cyclone" or "midlatitude cyclone"). Draw a diagram if that helps. 2. Describe t ...

Assignment key concepts of economicswrite a three to four

Assignment: Key Concepts of Economics Write a three to four page paper in which you: 1. Identify at least four key points of a relevant economic article from either the Strayer Library or a newspaper. The article must de ...

Problem 1 roberts new way vacuum cleaner company is a newly

Problem 1: Robert's New Way Vacuum Cleaner Company is a newly started small business that produces vacuum cleaners and belongs to a monopolistically competitive market. Its demand curve for the product is expressed as Q ...

Course projectthis course project is designed for you to

Course project This course project is designed for you to learn more about the lodging industry while having some fun at the same time. Your assignment is to design and to develop your own hotel. The following criteria n ...

Assignmentdoes your organization have a project portfolio

Assignment Does your organization have a project portfolio management process in place? Write 1100 words in APA format in response Think of a project that you have worked on. Suppose your team and any contractors associa ...

Suppose the consumerworker values two things a consumption

Suppose the consumer/worker values two things: a consumption good C and leisure L. Suppose that there are 24 hours in a day and the consumer/worker has a utility function U (C, L) = C^0.5 + L ^0.5 The price of consumptio ...

Highly competitive industry-econanalyze an article

Highly Competitive Industry-Econ Analyze an article published within 60 days prior to the term that deals with a highly competitive industry. • Analyze the factors driving change in the industry. Are there potential chan ...

Table 10-3debt ratings median financial ratios by

TABLE 10-3 Debt Ratings: Median Financial. Ratios by Category   Median ratios for overall category in January 2011 (excludes financial firms) Earnings before S&P interest and   Cash flow from   debt taxes to net Pretax i ...

Assignment descriptiondo patients with no other treatment

Assignment Description Do patients with no other treatment options have a moral right to unproven drugs? Write a paper that explains and defends your view on this issue. Be sure to weave and cite the resources throughout ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate