Is this rate of trade-off the same no matter how many, Ask an Expert

Economics

Economic Theory on Utility

1- Suppose a person has $8 to spend only on apples and bananas. Apples cost $.40 each, and bananas cost $.10 each.

a- If this person buys only apples, how many can be bought?

b- If this person buys only bananas, how many can be bought?

c- If the person were to buy 10 apples, how many bananas could be bought with the funds left over?

d- If the person consumes one less apple (that is, nine) how many more bananas could be bought? Is this rate of trade-off the same no matter how many apples are relinquished?

e- prepare down the algebraic equation for this person's budget constraint, and graph it showing the points mentioned in parts a through d

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M927969

Have any Question?Write your Review or question?

Related Questions in Business Economics

The police lieutenant in charge of the traffic division

The police lieutenant in charge of the traffic division reviews the number of traffic citations issued by each of the police officers in his division. He finds that the mean number of citations written by each officer is ...

Television viewing reached a new high when the global

Television viewing reached a new high when the global information and measurement company reported a mean daily viewing time of 8.35 hours per household. Use a normal probability distribution with a standard deviation of ...

Inc 409661 2796 pop INC = 40966.1 + 2.796 POP' sample size = 400

INC = 40966.1 + 2.796 POP' sample size = 400 (se) (545.8) (.2796); R 2 = .2468 1. Where INC is the income in millions of dollars and POP the population in millions of people. Provide an ...

What is the theory of consumer choice and how it consumers

What is the theory of consumer choice and how it consumers facing trade-offs make decisions and how they respond to changes in their environment?

Suppose that you have 5000 and you are contemplating the

Suppose that you have $5000 and you are contemplating the purchase of two investments, IBM and Walgreen's. One year from now, IBM can be sold at $ X per dollar invested, and Walgreen's can be sold for $ Y per dollar inve ...

Consider the market for small business loans in the context

Consider the market for small business loans. In the context of this market. How adverse selection impact lenders. How does adverse selection impact borrowers? In the context of this market provide 2 things that a lender ...

What is the role of local government leadership in assuring

What is the role of local government leadership in assuring that departments and divisions work together to achieve municipal goals and objectives?

The newly elected president needs to decide the remaining 4

The newly elected president needs to decide the remaining 4 spots available in the cabinet he/she is appointing. If there are 13 eligible candidates for these positions (where rank matters), how many different ways can t ...

A mixture of three water samples will test positive for a

A mixture of three water samples will test positive for a contaminant if at least one of the samples contains it. If the contaminant is present in 7% of samples, find the probability that: 1. The mixture tests positive: ...

Loan applicants whose credit score is less than 600 default

Loan applicants, whose credit score is less than 600, default on a loan, either in a minor or major way, about 10% of the time in a certain regional market. A random sample of 8 applicants in this market with credit scor ...

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