Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Apr 19, 2024

The consumers utility function is given by U(X,Y) = 3X+2Y and the given bundle is X = 6 and Y = 6. The indifference

The consumers utility function is given by U(X,Y) = 3X+2Y and the given bundle is X = 6 and Y = 6. The indifference curve is a straight line with Y-intercept = 15 and X-intercept = 10. Any bundle where 3x+2y=30 is on the indifference curve.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Answer To verify that the given bundle X 6 and Y 6 lies on the indifference curve def... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics

Authors: Austan Goolsbee, Steven Levitt, Chad Syverson

1st Edition

978-1464146978, 1464146977

More Books

Students explore these related Economics questions

Question

What is quality? How is quality measured? Explain the associated cost to quality

Answered: 3 weeks ago

Question

A consumers utility function is given by U = XY, where M UX = Y and M UY = X. a. What is the utility derived from 1 unit of X and 2 units of Y? What is the utility derived from 2 units of X and 1...

Answered: 3 weeks ago

Question

User What is the difference between DOE and regression? Question 6 options: a) DOE is an optimization process b) DOE deals with multiple variables but regression can deal with only one treatment...

Answered: 3 weeks ago

Question

For numbers a and b, determine which of the following expressions equals the given expression. (a) a + b (b) a b (c) b a (d) a b a + (b)

Answered: 3 weeks ago

Question

What are the advantages and disadvantages of using a bar chart, a pie chart, and a Pareto chart? Discuss in detail.

Answered: 3 weeks ago

Question

To be able to describe the process for handling customer complaints

Answered: 3 weeks ago

Question

In what sense can the historian be objective?

Answered: 3 weeks ago

Question

Rosenberg Manufacturing Corp. is considering marketing their new hearing aid in the city of Big Smoke. This device is targeted at the hearing impaired over the age of 60 years. As she considers the...

Answered: 3 weeks ago

Question

Which one of the following is part of the transaction that is recorded when an account is written off under the allowance method? Loss on Accounts Receivable account is debited. Accounts Receivable...

Answered: 3 weeks ago

Question

Seaboard Company receives its annual property tax bill of $24,000 for the 2017 calendar year on May 31, 2017, and it is payable on July 31, 2017. Seaboard has a December 31 fiscal year end....

Answered: 3 weeks ago

Question

use volatility, sigma, to be 0.3 2. Suppose you are given: (a) S(0) = 100 (b) Stock price S(t) follows the BS model (c) The stock pays continuous dividend at a rate of 0.04 (d) The continuously...

Answered: 3 weeks ago

Question

Maximizing Firm Value: A Realistic Example The Ricardo-Trans Am Corporation has currently no debt in its capital structure. Its Beta is 1. The risk free rate is 6 percent and the market risk premium...

Answered: 3 weeks ago

Question

Investigate and report (5 pages) on an organisation's method of allocating electricity costs. You can use any organisation with which you are familiar. Consider the following: Does the organisation...

Answered: 3 weeks ago

Question

As a principal designer for GE Healthcare, Doug had been designing diagnostic imaging equipment for more than 20 years when he realized that young patients' actual experience of this cutting -- edge...

Answered: 3 weeks ago

Question

The coronavirus pandemic has disrupted everyday life in so many ways. Not only our personal lives, but our work and school lives as well. As businesses begin to re-open, there have been several...

Answered: 3 weeks ago

Question

The goal of this competency was to explore how motivation and engagement contribute to the successes and challenges of an organization. We discussed strategies for fostering motivation and engagement...

Answered: 3 weeks ago

Question

Small pieces of software that attach themselves to a real program. Select one: O a. Viruses O b. Spam C. Worm d. Malware

Answered: 3 weeks ago

Question

Consider model (9.18). What is the effect on the model parameter estimates, their standard errors, and the goodness-of-fit statistics when (a) The times at risk are doubled, but the numbers of deaths...

Answered: 3 weeks ago

Question

Your little twin sisters (whom you lovingly refer to as Thing 1 and Thing 2) are driving you crazy! You've baked them a lovely birthday cake, but they won't stop fighting over who gets the biggest...

Answered: 3 weeks ago

Question

Imagine twin sisters Matilda and Muriel who are selecting their birthday presents. They can each ask their parents for a book or shoes (and their parents always buy them what they ask for). Suppose...

Answered: 3 weeks ago

Question

Danielle is a farmer, with a utility function of U = I0.5, where U is Danielle's utility and I is her income. If the weather is good, she will earn $100,000. If there is a hailstorm, she will earn...

Answered: 3 weeks ago

Question

=+60. For a fixed value of p, how large does the subgroup size n have to be to yield a positive lower control limit on a p chart?

Answered: 3 weeks ago

Question

=+is common to all the parts. For example, consider a milling process in which metal bars of various sizes are machined to specified lengths. The size of the bars submitted to the machining process...

Answered: 3 weeks ago

Question

=+hour to hour, so there may be insufficient data to create control charts on any particular bar size. However, by subtracting the nominal value from each batch of bars, the resulting subgroups of...

Answered: 3 weeks ago

Previous Question Next Question