suppose utility function of a consumer is given as u 2x 3y, where the price of x is 8, price of y is 3 and income is $20 then at the optimum consumer will consume 10 O only x O only y O both x and y O any combination of x and y suppose utility function of a consumer is given as u 2x 3y, where the ...

suppose utility function of a consumer is given as: u = 2x +3y, where the price...

Fantastic news! We've Found the answer you've been seeking!

Question:

Related Book For answer-question

Financial Accounting Theory

ISBN: 978-0132984669

7th edition

Authors: William R. Scott

See More Books

Posted Date: Apr 21, 2022 07:38 AM

See More Questions

Q) Suppose that the utility function of a consumer is U = 100 X 3/5 Y 2/5 and M(Income) = 200, Px= Rs.2, Py= Rs.5. Determine the quantities of X & Y that the consumer should purchase in order to...
What would the utility function of a risk- taking investor look like? What sort of portfolio would such an individual be likely to invest in? What information would the investor need?
Suppose a person has a utility function given by U = [x + y]1/ where is a number between - and 1. This is called a constant elasticity of substitution (CES) utility function. You will encounter CES...
A 40,000-seat college football stadium is used 22 times for games, concerts, and graduation ceremonies. Each event averages four hours and assumes the stadium is full for each event. The stadium is...
In exercise 7, the data on y = annual sales ($1,000s) for new customer accounts and x = number of years of experience for a sample of 10 salespersons provided the estimated regression equation y = 80...
According to the equation for the energy of light, which statement is true? (1) The energy of light increases as its wavelength increases. (2) The energy of light decreases as its wavelength...
Explain with a neat sketch, the working of a double acting piston pump.
Red Line Railroad Inc. has three regional divisions organized as profit centers. The chief executive officer (CEO) evaluates divisional performance, using income from operations as a percent of...
1. Write a program in python to get the number of rows using GUI. If the user entered less than 4 rows, display the message not to enter less than 4 rows and allow the user to enter again. For...
Find point estimates for the mean and standard deviation of the Months Customer data in the Credit Risk Data file. Draw five random samples of sizes 50 and 250 from the data using the Sampling tool....
Suppose that the federal debt in 2020 is $17 trillion. If the interest rate remains at the 2016 level of 1.8% find the annual interest payment on the debt. How much does the interest payment change...
Are there other metrics you can use (sales per employee or sales per square foot) to verify your projections?
How much inventory does your business need to carry to avoid stockouts? What terms can you get on inventory (accounts payable)?
Imagine your harvest. What companies might likely acquire you? How can you prepare for that future acquisition?
What shortterm loans are needed for your business (e.g., line of credit)? When will you be bank creditworthy?
Where will you get your initial financing? How much money can you invest from your personal resources (savings, second mortgage, etc.)?
If a company is very diversified, (a) it makes it easier to classify the company by industry. (b) it would not be necessary to provide any segmented information. (c) it can limit the usefulness of...
Thalina Mineral Works is one of the worlds leading producers of cultured pearls. The companys condensed statement of cash flows for the years 20182020 follows. Required Comment on Thalina Mineral...
Refer to Theory in Practice vignette 1.2, concerning the bankruptcy of New Century Financial. New Century had securitized and transferred to investors (i. e., derecognized) many (but not all) of its...
If net income is an unbiased and noisy measure of manager performance, less noise enables a more efficient compensation contract. Explain why. How can accountants reduce noise in net income when net...
A simple example of the difference between ideal and non- ideal conditions is the rolling of a die. Required a. Calculate the expected value of a single roll of a fair die. b. Now suppose that you...
Birth weights in the United States are normally distributed with a mean (in grams) of 3420 g and a standard deviation of 495 g. If you graph this normal distribution, the area to the right of 4000 g...
Is the distribution of those digits a normal distribution? Why or why not?
Many states have lotteries that involve the random selection of digits 0, 1, 2, ,

suppose utility function of a consumer is given as: u = 2x +3y, where the price...

Question:

Expert Answer:

82 CE 2x 3Y Px 8 Py 3 M2... View the full answer

Financial Accounting Theory

Students also viewed these economics questions