Question: Known function for the total product requested by a person is TU = 1000X - 5X 2 A. how many X units must be increased

Known function for the total product requested by a person is TU = 1000X - 5X ²
A. how many X units must be increased to achieve the highest satisfaction? and what is the maximum satisfaction?
b. If the price of X per unit is $100 what is the number of units of X must be consumed in order to meet maximum satisfaction? What is the maximum satisfaction?

Step by Step Solution

★★★★★

3.40 Rating (166 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To solve this problem we need to analyze and find the values of X that maximize total utility TU Par... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

What factors must be known or estimated in order to compute depreciation expense?

A customer intended to order 100 units of product Z96014 but incorrectly ordered product Z96015, which is not an actual product. Which of the following controls most likely would detect this error?...

How many variables must be known to solve a kinematic equation?

Use the formulae bellow to find ROCE for HOME DEPOT using there 10-k. ROCE = RNOA + LEVERAGE * (RNOA - NET BORROWING COST) 10-K bellow:- Table of Contents UNITED STATES SECURITIES AND EXCHANGE...

Describing Data Once we have collected data from surveys or experiments, we need to summarize and present the data in a way that will be meaningful to the reader. We will begin with graphical...

Based on the chapter 7. INTERNATIONAL STRATEGY: CREATING VALUE IN GLOBAL MARKETS please answer these questions: 1. What entry strategy has Starbucks used internationally? Should Tata Starbucks use a...

Please look over my work with the questions on the homework sheet, they are all labeled. The first few pages are my work, last few pages are the questions Gianna Gajdos Homework 1 This graph...

Hi Sirs, I need your help. This assignment due date is next week thursday (30/03/2017). The instructions are as in the attached doc. and also the Companies which will be used for it are attached...

PLEASE READ & ANSWER THE FOLLOWING QUESTION : 1. summarize these readings and 2. reflect and write about the practical take away from these readings as they relate to your negotiation skill building....

How are the changes that Taco Bell implemented, such as K-minus, SOS, etc., similar to, or different from, the various concepts/techniques that were presented in weeks 1-8 in this module. Provide a...

What types of liabilities and expenses do you feel are necessities versus some that you see as "extras", and how can you see the potential for businesses to abuse their liabilities and expense lines?

Despite growing regulation and recognition of quality management system (with Nigeria as a case study), the influx of fake and substandard products is becoming difficult to control. Required: As a...

Activity 3 Response: As an investigation of scientific question B, consider an object that is not the human body, but that also has a consistently higher temperature than the environment. Based on...

Describe Hofstede's Cultural Framework AND list and describe the four dimensions of the framework? Describe the GLOBE Framework AND list the six leadership profiles that the GLOBE Framework...

PART B Question 2 (18 marks) M. H. Acosta, CA, completed these transactions during November of the current year: Nov. 1 Nov. 2 Nov. 4 Nov. 8 Nov. 10 Nov. 14 Nov. 18 Nov. 27 Nov. 30 Began a public...

(a) In general, why are any of the bagging, boosting, & random forest approaches typically preferred to a single model approach? (b) How does Random Forest approach differ from Bagging approach?

You are considering an investment that has a nominal annual interest rate of 11.10 percent, compounded semiannually. Therefore, the effective annual rate, or EAR (annual percentage yield) is _____....

Define the term utility software and give two examples.

The probability that a wife watches a certain television show is 0.55, that her husband watches it is 0.45, and that both watch the show is 0.30. What is the probability that the husband or the wife...

A biologist has a 40% solution and a 10% solution of the same plant nutrient. How many cubic centimeters of each solution should be mixed to obtain 25 cc of a 28% solution? Explain

Each of Problems 1 and 2 has the form f (x) dx. (a) Evaluate each integral to obtain a family of functions. (b) Find and graph the family member that passes through the point (0, 2). Call that...

Pierre, a book broker, is about to sign a contract to buy the rights to a book about twin teenage computer-security sleuths titled Nan and Dan vs. the Monika Worm. His offer to advance $50,000 for...

A biopharma project being pursued by Hopfer Pharmaceutical has a negative NPV of $28 million Still, Hopfer may participate in this project as a pioneer option, giving the company an option to...

The lead time for delivery of the largest offshore platforms for oil and gas drilling and collecting is now 2 years. ConExoco Petroleum is thinking about putting down a $15 million nonrefundable...