Using an example, explain why the consumer optimum occurs where the ratio of the prices of two
Question:
Using an example, explain why the consumer optimum occurs where the ratio of the prices of two goods is equal to the marginal rate of substitution.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Wallace and Brace CPA assign a partner to screen and recommend (or decline) potential clients prior to acceptance. Discuss at least 4 specific issues which should have been considered prior to...
-
CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...
-
123 Compare the purely graphical properties of these two notations, and the ways in which the graphical properties of each display correspond to the information structure being defined. Describe...
-
Methanol, CH3OH, is prepared industrially from the gasphase catalytic balanced reaction that has been depicted here using molecular models. In a laboratory test, a reaction vessel was filled with...
-
Doris Hunt is considering whether to install a drink machine at the gas station she owns. Doris is convinced that providing a drink machine at the station would increase customer convenience....
-
Assets Accounts receivable 2022 2021 Liabilities 2022 2021 $2,700 $3,400 Accounts payable $4,900 $4,000 Cash 1,900 2,174 Bonds payable 32,000 27,000 Equipment (net) 49,000 55,000 Notes payable...
-
If among \(n\) objects \(k\) are alike and the others are all distinct, the number of permutations of these \(n\) objects taken all together is \(n ! / k !\). (a) How many permutations are there of...
-
Under monopolistic competition with identical firms, is it possible for a firm to produce at the minimum of its average cost curve?
-
American Food Services, Incorporated leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2024. The lease agreement for...
-
Sketch a diagram to show the effect on demand of a change in income on a good which has an income elastic demand.
-
Indifference curves are convex to the origin (i.e. bow inwards). Using your knowledge of the properties of indifference curves, explain why indifference curves cannot be concave to the origin (i.e....
-
In the event of a two-car, head-on collision, would you rather be riding in a heavy car (large mass) or a small car? Justify your answer in terms of the impulse and force on a car during a collision.
-
How do you think the business is going to change next year? Do you think that the company is facing any challenges?
-
This workplace assessment requires you to manage and monitor a budget for a business over a three-month period that meets the specific business' needs. This assessment is divided into seven tasks:...
-
You have just joined a firm as an IS Auditor trainee and your first audit job is to audit the Information Technology Department of a small community college in Arkansas. You have been tasked to write...
-
Why should taxpayers keep records of personal, nonbusiness assets that they own, in a tax sense?
-
Is Mountain Man Light feasible for Mountain Man Brewing Company? What is required for Mountain Man Light to break even in one year? In two years? What cannibalization rate is reasonable? Include a...
-
Determine the input impedance seen by the source in the network shown in Figure P8.54 20 1:4 2 Ideal Ideal Figure P8.54
-
Explain why each of the following is either a private good or a public good: traffic lights, in line skates, a city park, a chicken salad sandwich, a tennis racket, national defense, a coastal...
-
Oakmont Company has an opportunity to manufacture and sell a new product for a four-year period. The company's discount rate is 18%. After careful study, Oakmont estimated the following costs and...
-
Prepare Thumbtack's sales budget for April and May 2024. Round all amounts to the nearest dollar. Thumbtack Office Supply Sales Budget April and May, 2024 Total budgeted sales April May
-
Olive Company makes silver belt buckles. The company's master budget appears in the first column of the table. Required: Complete the table by preparing Olive's flexible budget for 5,500, 7,500, and...
Study smarter with the SolutionInn App