For Bill, clothing has a marginal utility of 24 utils and food has a marginal utility of
Question:
For Bill, clothing has a marginal utility of 24 utils and food has a marginal utility of 24 utils. If clothing costs $4 and food $8, is Bill doing the best he can? If not, what can he do to increase his utility?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
MUP for clothing ...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
write a job description for Bill Ryan's job. What other information would you need to write a better job description? Remember, this is a job description, not a help wanted ad. Please do your own...
-
Suppose food costs $12 and clothing costs $2, and at the highest level of utility, clothing has a marginal utility of 6 utils. What is the marginal utility of food?
-
Assume Samir is a rational consumer. Nonetheless, Samir's entire food budget of $40/week is used only for burgers and soda. Burgers cost $0.69 each and soda is $0.75 per can. His marginal utility...
-
A company estimates that the marginal cost (in dollar per item) of producing x items is 1.73 - 0.004x. if the cost of producing one item is $566, find the cost of producing 100 items. (Round your...
-
What does a SWOT analysis of Netflix reveal about the overall attractiveness of its situation?
-
Use partial fractions to find the indefinite integral. x + 2x xx+x-1 dx
-
Reproduce Figure 2.4 using geom_histogram(aes(y = ..density..)) as shown below for Example 2.5. ggplot_build() extracts the computed values for the histogram. Use the extracted vales to confirm that...
-
If you were trying to assess the financial health of a government administered pension plan, which financial statements or schedules would you review and why?
-
Marin Company produces two software products ( Cloud - X and Cloud - Y ) in two separate departments ( A and B ) . These products are highly regarded network maintenance programs. Cloud - X is used...
-
If you are taking a test that has several questions, how should you allocate your time among the questions in order to get the highest score?
-
Use the following table to answer these questions. TU stands for total utility. a. What is the marginal utility (MU) of each unit? (Provide your answer in the form of a table.) Is marginal utility...
-
An unlabeled bottle of liquid has spilled, and you?re trying to find out whether it?s relatively harmless ethyl alcohol or toxic benzene. You submerge a glass block with n = 1.52 in the liquid, and...
-
Which type of policy would extend coverage for liability claims that are brought over a policy period, even if the liable action occurred at a earlier date? Why give reason
-
9. What is meant by the term virtual banking? Outline the advantages and disadvantages of virtual banking to the public. (10 marks)
-
Please read the article ' Six Economic Facts about Health Care and Health Insurance Markets after the Affordable Care Act by the Hamilton Project'. Out of the six facts, please choose the two that...
-
Seller A proposes a price of $2,592.00; Seller B, a price of $2,550.00 and Seller C, a price of $1,400.00. Seller C is low, but the difference is large. If you are conducting a price analysis, which...
-
Why does Block believe there will ultimately be a loss in utility even if unemployment does not increase ?
-
a. When should the effects of a change in accounting principle be reported only as a direct adjustment to the current years beginning Retained Earnings balance? b. When should the effects of a change...
-
Modify the counter from Exercise 5.44 such that the counter will either increment by 4 or load a new 32-bit value, D, on each clock edge, depending on a control signal Load. When Load = 1, the...
-
Investors use the bond ratings from Moody's, S&P, and Fitch to determine which bonds they will buy and the prices they are willing to pay for them. The rating services charge the firms and...
-
Dane decides to give up a job earning $200,000 per year as a corporate lawyer and converts the duplex that he owns into a UFO museum. (He had been renting out the duplex for $20,000 a year.) His...
-
Compare the formula for calculating the present value of the payments you will receive from owning a bond to the formula for calculating the present value of the payments you will receive from owning...
-
On January 4th, Mark went to the hospital to have an appendectomy. His deductible is $2,500 and since it is the beginning of the year, he has not contributed anything to the deductible yet. The total...
-
According to the context, what is changing HR Professionals' ability to track talent costs?
-
Have a look at the SuperChem VR company's Chemistry Lab Simulator. The owner of SuperChem VR is preparing his pitch deck for an important investor. He aims to expand his AR/VR services company in the...
Study smarter with the SolutionInn App