Question consider a representative consumer with a budg et, Ask an Expert

Management Studies

Question

Consider a representative consumer with A budg et of $ 4 00 in world with two consumer goods X and Y.

The price of X is P x = $4
T he price of Y is P y = $6 .
The Consumer's marginal utility with respect to
i. X is 8 X and
ii. Y is 2Y

What are the quantities of commodity X and commodity Y that this consumer must purchase and consu me to maximize his/her utility?

View complete question

Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M92770334

Have any Question?Write your Review or question?

Related Questions in Operation Management

Lets say that you have an idea for a start-up business keep

Let's say that you have an idea for a start-up business. Keep in mind this can simply be an online business, blog, or a proposal for a small business. One of the first tasks you have is to create a job description for yo ...

1 how do the tools available for analyzing multibusiness

1. How do the tools available for analyzing multibusiness strategies differ from those use to analyze a single line of business strategy? 2. Name and describe 2 short term goals, 2 medium term goals and 2 long term GOALS ...

1 what is the role of a board of directors from an ethical

1. What is the role of a board of directors from an ethical governance standpoint? What is the role of CEO, Vice President, Manager, Supervisor, staff and administrative orall other employee groups of an organization. Wh ...

Below are descriptions of how key parameters are determined

Below are descriptions of how key parameters are determined in a monetary unit sampling application. Indicate, using the correct letter, which parameter is most closely associated with the description. Each parameter is ...

Technology is taking much of the fun out of finding a place

Technology is taking much of the fun out of finding a place to park the car. Now, in cities from New York to Seattle, the door is open to a host of wireless technologies seeking to improve the parking meter even further. ...

Descriptionthe main project in this project you are either

Description: The main project: In this project, you are either work on the hypothetical company or an existing company. In either case, you are supposed to develop a Business Intelligence Development Plan for a local cor ...

Case scenario at the workplace you are the research team

Case scenario. At the workplace, you are the research team leader. The Boss wants your team to conduct a study with three or more groups to solve a problem. Since there are many workplace problems, you must select the pr ...

B present a discussion of the strategies for encouraging

B. Present a discussion of the strategies for encouraging participative management in the workforce, and how to implement each of these strategies. Support your discussion with at least two (2) external sources. C. What ...

Prepare and briefly discuss a list of three quality

Prepare and briefly discuss a list of three quality guarantees that are defined narrowly enough to be communicated easily and achieved successfully: for example, room service breakfast delivered within 30 minutes. Be cer ...

A constitutional amendment allowing congress to impose a

A constitutional amendment allowing Congress to impose a federal income tax on individuals and corporations went into effect in 1913. Since then, Congress has passed many laws dealing with the federal income tax. One law ...

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 Operation Management Expert