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July 31, 2014

Search: economics-Budget Constraint & Utility

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economics-Budget Constraint & Utility
Sally is a frequent flyer whose fares are reduced through coupon offerings. She receives a 20% reduction on fares after she flies 20,000 miles, and 40% reduction after she flies 40,000 miles. a) Illustrate her budget constraint. b) Illustrate how her level of utility will ...
October 26, 2009 by Victor

Budget constraint
X=view of the sea Y=wine Price of X: Px=0 Price of Y: Py=5 Income=10 Assume that a person does not look at the view beyond the point that bores him (when the marginal utility is negative) a) Sketch the budget constraint I know the y-int is 2, but i am not sure about the x-int ...
February 8, 2007 by Summer

Microeconomics
Given the utility function U(C,T) = 3C+2T A budget constraint of $50, C = coffee which is $2 a cup, and T = tea which is $1.25 a cup, what is the optimal consumption bundle, and maximum utility possible? Also derive an expression for the demand curve for coffee given the price...
August 14, 2008 by Daniel

Economics
Hi guys I need a hand please!! Whatever you can share would be helpful!! Thank you so much! Here is the question below: ‘Consumers maximize utility subject to a budget constraint. Firms maximize output subject to a cost constraint’. Outline how the analysis of the firm’s ...
October 27, 2006 by D

Economics
Here goes... 1. Consider a model in which an individual lives two periods: this period (time one) and next period (time two). This period his budget constraint requires that his consumption, c1; plus his saving, s; equals his income, y1: c1 + s = y1: Next period his budget ...
September 30, 2012 by Wesley

Micro Economic Theory
How do you find the budget constraint given the utility function u = q1^(1/3) + q2
December 7, 2010 by Terri

Microeconomics
1. The utility function is given by: U=x+y and the budget line is x+2y=100. Then the price of good x goes up to 4. Find the Hicksian substitution effect, income effect, and total change in demand for good x from the change --- Ok i read the theory but i cant solve the problem ...
November 28, 2006 by Andrew

economics
everything about the budget constraint
December 2, 2009 by economics

Microeconomics
I need help with question, we havent covered this topic yet and i wanted to push ahead. Thanks. 'Consumers maximise utility subject to a budget constraint. Firms maximise output subject to a cost constraint'. Outline how the analysis of the firm's behaviour in terms of ...
October 19, 2006 by Anonymous

economics
1. Chipo has the following utility function of 2 goods Pies (X) and fanta (Y): U= log X + log Y. (a) show that the consumer maximizes utility subject to the budget constraint. (b) derive the demand functions of good X and good Y. 2. You are given the individual demand curves ...
December 30, 2012 by hass

economics
1. Chipo has the following utility function of 2 goods Pies (X) and fanta (Y): U= log X + log Y. (a) show that the consumer maximizes utility subject to the budget constraint. (b) derive the demand functions of good X and good Y. 2. You are given the individual demand curves ...
December 30, 2012 by hass

economics
1. Chipo has the following utility function of 2 goods Pies (X) and fanta (Y): U= log X + log Y. (a) show that the consumer maximizes utility subject to the budget constraint. (b) derive the demand functions of good X and good Y. 2. You are given the individual demand curves ...
December 30, 2012 by hass

Economics
2. Suppose Fred has a utility function of the form U = X ½ Y ½ . Fred has an income of $100, good X costs $1.00, and good Y costs $2.00. How much of good X and how much or good Y will Fred buy? Ive already drawn my graph. i know that fred could buy 100 of x only and 50 of y ...
January 21, 2009 by Brett

ECONOMICS
Sorry, the last Question didn't post Suppose Fred has a utility function of the form U = X ½ Y ½ . Fred has an income of $100, good X costs $1.00, and good Y costs $2.00. How much of good X and how much or good Y will Fred buy? Be sure to show all your work. Ive aready drawn ...
January 21, 2009 by Brett

DDP
what are the different types of geometric constraint that are appiled to sketches and what are their functions? answer: is it geometric constraint numerical constraint assembly constraint
January 15, 2009 by Anonymous

economics
how is marginal utility found? Marginal utility is the change in total utility divided by the change in the quantity consumed of a good. MU=ChangeinTU/ChangeinQG
February 6, 2007 by Keela

marketing
how are: goods services utility form utility place utility time utility possession utility information utility benifits and occupational area ralated to marketing the deffinition for it is: the prosses o developing, promotng, and distributing products to satisfy customers ...
August 17, 2008 by clarissa

home economics - PLS help
Need help with some economics problems and wondering if anyone can help. 1- ) Consider a farmer who has access to a bond market where she can borrow or lend at the interest rate R. Assume also that her money holdings (nominal balances) and the price level stay constant over ...
September 28, 2011 by MW

Economics
Jim buys only milk and cookies. a. In year 1, Jim earns $100, milk costs $2 per quart, and cookies cost $4 per dozen. Draw Jim's budget constraint.
September 14, 2011 by Amany

FCCOLLEGE
Rashida has a monthly income of $200.which sheallocates between two goods meat and potatoes, (a)suppose meat cost$4 per pound and potatoes cost $2 per pound.drawv her budget constraint. (b)suppose that her utility function is given by the equation u(M,P)=2M+P. WHAT COMBINATION...
April 19, 2010 by raeesa javed

Economics
What happens to the marginal utility per dollar of shoes if the priece of shoes goes up, and how should consumers respond to this to maximize utility
July 23, 2008 by Kevin

economics
Suppose a person has a utility function U=YX. What is the minimum level of income required to get a utility of 20? Your answer should be a function of, among other things, Px and Py.
September 20, 2007 by jon

Economics
What is more important to the consumer: Marginal utility or marginal utility per dollar and why
July 23, 2008 by Kevin

Micro Economics
Briefly explain the following: (a)Economic cost and accounting cost. (b)Free market economy and mixed economy. (c)Marginal utility theory and indifference curves analysis. Please note that we don't do students' homework for them. Once YOU have come up with a response to YOUR ...
March 23, 2007 by Christine

ECON
Suppose Fred has a utility function of the form U = X ½ Y ½ . Fred has an income of $100, good X costs $1.00, and good Y costs $2.00. How much of good X and how much or good Y will Fred buy? Be sure to show all your work. Ive aready drawn my graph and i know that under my ...
January 22, 2009 by Brett

Budget
Which one of these categories would most likely be found in the operating budget of a day care center? A. Tables and chairs for classroom B.Desks and chairs for the office C. Deposits for utility services D. Loan payments I chose the letter C. Can someone check my answer.
March 20, 2009 by Cynthia

Economics
2.The owner-manager of Good Guys Enterprises obtains utility from income(profit) and from having the firm behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up the problem and derive the optimization conditions if ...
May 5, 2010 by Jorie

home economics
The owner-manager of Good Guys enterprises obtains utility from income (profit) and from having the firm behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up a problem and derive the optimization conditions if the...
July 30, 2010 by Anonymous

managerial economics
The Owner-manager of Good Guys Enterprises obtains utility from income (profit) and from having the firm behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up the problem and derive the optimization conditions if ...
August 8, 2010 by tina

Microeconomics - iso & indiff
What does isoquant/isocost & indifference curve and budget constraint analysis have in common? I know that they both 'look' similar & both strive to find the same things "consumers want utility" & "producers want eco profits" (maximising both). What other things do they have ...
November 7, 2006 by lostkid

Economics
If utility is U(x,y) = x^0.3 y^0.7 (i.e x* = 0.3I/Px and y* = 0.7I/Py). What is the indirect utility function and expenditure function?
March 19, 2009 by Jeb

Economics
If utility is U(x,y) = xy + y, what is the indirect utility function and expenditure function?
March 19, 2009 by Bob

graphs
Students can buy a caffeine addict card for $50, which entitles them to a 25% discount on the price of coffee sold at the cafetaria. With coffee on horizontal axis and income on the vertical axis. a)Draw budgent constraint of a studnet who buys such a card before and after the...
February 5, 2007 by Anonymous

economics
apples cost £2 and pears cost £4. For John the marginal Utility (MU) of the last apple consumed was 4 and MU of pears was 12. For Paul MU of last apple was 3 and MU of last pear was 6. Which person is not maximising utility and how can you tell? What should they do?
November 8, 2009 by remy

Economics
I have a question about the marginal utility theory If someone is at consumer equilibrium consuming normal goods, will an increase to income increase total utility consumption of goods? An increase in income will increase total utility as well as consumption of normal goods. ...
December 13, 2006 by Dick

economics
The owner-manager of Good Guys Enterprises obtains utility from income (profit) and from having the firms behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up the problem and derive the optimization conditions if ...
May 11, 2012 by Ashaki

microeconomics
This week you have gone to two parties. Assume the total utility you gained from these parties is 100utils. Then you go to a third party, and your total utility rises to 110utils. What is the marginal utility of the third party attended per week? Given the law of diminishing ...
March 11, 2012 by snizhanna

Managerial Economics/Math
I'm working on some HW for my MBA Managerial Economics class. I've got one problem down to the end, but I'm stuck. Any help would be greatly appreciated. And, of course, if you could check my work on a & b, that would be excellent. Thanks! :) 1.) The mathematics of consumer ...
October 5, 2007 by klynn

Microeconomics
This is due Monday. I am not sure I am doing it correctly. Can someone help me out? Question: Assume that Jim is a rational customer who consumes only two goods, apples(A) and nuts(N). Assume also, that his marginal rate of substitution (MRS) of nuts for apples is given by the...
June 17, 2005 by Trisha

cal
Using a Lagrange Multiplier with One Constraint. Find the maximum value of f(x,y)=4xy, where x>0 and y>0, subject to the constraint (x^(2)/3^(2)+(y^(2)/4^(2)=1.
March 15, 2014 by tony

Economics
Why do people routinely stuff themselves at all-you-can-eat buffets? Explain in terms of both utility and demand theories. At any level, the marginal cost of take another bite at an all-you-can-eat place is zero. In terms of utility, a person should therefore consume until the...
February 4, 2007 by Kayla

Economics - Marginal Utility
If the price of a cheeseburger is $2 and the price of a bag of french fries is $1, and you have $7 to spend (and you can spend all of it). What is the utility-maximizing combination of cheeseburgers and french fries? Wouldn't that depend on the utility value of the cheesburger...
April 1, 2007 by Tracci

economics
what do the principles of economics influence your decision making, interaction with others, and the economy as a whole Im not sure what you are asking. Is it "what pricipals of economics affect decision making..." If so, I would use the principals of opportunity cost, utility...
May 15, 2007 by stacy

home economics
each individual has a budget line in which they follow for expenditures. if the income of the individual increases what is the effect on the budget line?
April 22, 2011 by amy

Microeconomics: Budjet Constraint
You have decided to eat sushi for lunch and have a grand total of $20 to spend. Whatever money you have left over from buying sushi rolls will be spent on cans of soda to get you through the rest of the day. Your problem is to choose the best combination of sushi rolls and ...
August 6, 2009 by Johnson

economics
each individual has a budget line which they follow for expenditures. If the income of the individual increases what is the effect of the budget line?
April 11, 2011 by jan

Economics
2. If Congress has determined that the budget will not be completed by September 30, it should _____. prepare appropriations bills to be reviewed by the President shut down the federal government pass legislation for emergency funding send a notice to the Congressional Budget ...
May 27, 2014 by Lana

economics
charts for cardinal and ordinal utility
December 9, 2010 by swathi

economics
how to derive marginal utility of income?
April 2, 2014 by geet

Micro Economics
An increase in the consumer's income will do all of the following, except shift the budget line away from the origin increase the horizontal intercept increase the vertical intercept change the slope of the budget line I think it is shift the budget line away from the origin ...
February 14, 2009 by Joseycat

economics
what is meant by utility and how does it relate to purposeful behavior.
April 26, 2010 by Susan

economics
1.. Suppose that U(x; y) = min(x; y) with px = 1 and py = 1. Describe and illustrate the income and substitution effects of an increase in the price of good y. What does this imply about a tax imposed on good y.. 2.. Let U(x; y) = 5x:8y:2 showing all derivation work, find: (a...
February 21, 2014 by Anonymous

economics
elow kindy ans. my question pls.. what is optium point in budget line and indefference curve, and also what is the diff. between budget line and indefference curve?..
February 21, 2009 by vanie

Economics
Quality Adjusted Life Years evaluates interventions in _____ rather than _____. a. dollars; years b. utility; dollars c. years; dollars d. dollars; utility
April 19, 2010 by Zoe

economics
What is meant by the term utility and how does it relate to purposeful behavior
July 27, 2010 by stephanie

Economics
what is meant by the term utility and how does it relate to purposeful behavior?
November 22, 2010 by CJ

Economics
Ive been stuck on this forever now if someone could please walk me through it i was appreciate it: 1: Suppose John had a utility function of U=X^2/3Y^1/3 . Derive Johns demand function from his utility function showing all the necessary steps. i know that the MUx=MUy and first...
September 18, 2007 by Brett

economics
Suppose 15 peaches and 20 oranges need to be divided between fred and ethel. Fred's utility function is U=Max(#of peaches, #of oranges) ethels utility function is U=Max(2# peaches, # of oranges). Carefully draw a graph showing the set of Pareto efficient allocations.
September 20, 2007 by jon

social studies
Determine which of the budget items listed would be necessary in order to calculate a functional, line-item, and program budget. Mark an “X” for each budget item that would be used in each budget type. Budget items may be used more than once.
September 5, 2007 by carol

economics
If your marginal utility from your last session with your personal trainer is equal to the price she charged you, then
January 28, 2011 by Anonymous

economics
How does a budget differ when you have an irregular income vs. a predictable income? irregular income is monthly budget.
January 16, 2013 by john

Managerial Economics
I've been trying to find a solution to this without much success. I am given the following....The production engineers at Impact Industries have derived the expansion path shown in the following figure. The price of labor is $100 per unit. There is a graph showing the ...
July 15, 2007 by Ed

Economics
The utility function of a consumer U(b,t)=Min(b,t) for where b=busfare and t=taxifare, b=3t for the same distance.For hundred times travel what will be the optimum number of busride and taxiride. If I understand your notation, bus fare costs 3 times a taxi fare. To maximize ...
November 19, 2006 by S.S. Patsa

economics
Consider a consumer who has an experienced utility function given by . Let denote the market price of good , and assume that it remains fixed throughout the problem. The company selling the good starts an advertisement campagin that has the following effect on the consumer: ...
January 22, 2014 by ali

finance
1–2 pages Details: Develop a personal financial planning budget. This budget can represent a budget for a fictitious individual; however, make sure you include the following: Information you would need to prepare this budget Income Taxes Expenses Personal expenses
April 11, 2011 by Elizabeth

economics
explain how the principle of diminishing marginal utility is related to the downward sloping demand curve?
July 13, 2009 by AJ

microeconomic
Suppose you consume three pounds of beef and five pounds of pork per month. The price of beef is $ 1.50 per pound, and pork is $ 2.00 per pound. Assuming you have studied economics and achieved consumer equilibrium, what is the ratio of the marginal utility of beef to the ...
March 11, 2012 by snizhanna

macroeconomics
what happens to the net public debt if the federal government operates next year with a : budget deficit, balanced budget, budget surplus
September 20, 2010 by aimee

cal3 please help!
Use Lagrange multipliers to find the max/min values of the function f(x,y)=xy subject to the constraint: x^2/8+y^2/2 =1 so I compare the gradient vectors of both f(x,y) and the constraint: <y,x>=L<x/4,Ly> resulting in y=Lx/4 and x=Ly now how do i solve for L x and ...
February 27, 2012 by Lucy

Math
Suppose income = $100, PX = $2.00 if the consumer buys less than 20 units of X, PX = $4.00 if the consumer buys more than 20 units of X. With income or composite good Y on the Y-axis, draw the budget constraint. Label ALL intercepts.
February 10, 2007 by Dennis

economics
What is the budget deficit in a given year?
July 22, 2012 by alex

Human Resources Administration
I need help understanding whether salaries are put into all categories of a program budget,line-item budget,and a functional budget matrix?
September 27, 2013 by Holly

Human Resourses
The department of education has awarded an agency a grant for 1.6 million to provide training,programming for school drop outs. Prepare a budget matrix to help award the agency. The matrix budget consists of line-item and functional program budget. Create a line-item budget ...
March 3, 2009 by Keisha

Economics
Socrates owns just one ship. The ship is worth $200 million dollars. If the ship sinks, Socrates loses $200 million. The probability that it will sink is .02. Socrates' total wealth, including the value of the ship is $225 million. He is an expected utility maximizer with ...
October 16, 2009 by Salman

Economics
Socrates owns just one ship. The ship is worth $200 million dollars. If the ship sinks, Socrates loses $200 million. The probability that it will sink is .02. Socrates' total wealth, including the value of the ship is $225 million. He is an expected utility maximizer with ...
October 16, 2009 by Salman

economics math
Consider a consumer who has an experienced utility function given by UEU(x,m)=2sqrtx+m. Let q denote the market price of good x, and assume that it remains fixed throughout the problem. The company selling the good x starts an advertisement campagin that has the following ...
January 20, 2014 by manu

Economics
Questions: 1. What is the size of the budget deficit? 2.What is the current national debt? My answers: I believe that the size of the budget deficit is $83 Billion. I think that the current national debt is in millions of dollars 9,007,765. Are my answers correct? Your budget ...
May 5, 2007 by Sarah

government
the office of management and budget helps in the budget process by a. providing congress with financial information b. keeping the government runnin if congress fails to pass appropriations c. helping the president produce the budget d. creating a budget independent of the ...
January 16, 2008 by jere

economics
Jesse and Kimberly recently graduated from college and are starting a family. Currently, they are just making ends meet with their $45,000 salary. They want to contribute the maximum amount (currently $2,000) to fully fund an Educational Savings Account when their baby is born...
January 16, 2013 by john

Economics(micro)
hey, could someone please give me some tips for the following questions. iv got a test coming up, and one of these 4 questions will be in it..... so i have to write 4 essays n learn it. i just need a few points to put my essay together. thanks in advance. 1. 'Consumers ...
October 23, 2006 by Pia

Economics
the 2 main parts to a federal budget??? anyone? how bout revenues and outlays??
May 14, 2007 by Drew

human resources
I am preparing a line budget and a functional budget. I need to know how a functional budget example look. There are two different programs; one program uses 60% and the other 40%, I need an example of how the budget should actually look.
April 17, 2011 by HELP

math
The budget for the childrens museum's annual party is $20,000 . Food accounts for 1/2 of the budget , beverages accounts for 1/5 of the budget, decorations for 1/8 ,and entertainment for 1/8 of the budget . The rest of the money will be spent on staffing the event . How much ...
March 24, 2014 by kartik

Math
On a home improvement project. spent $3000, which was 125% of the original budget (25% over budget). What was the original budget? $______
February 22, 2008 by Mike

Economics
With the new UK emregncy budget what are the advanatages and disadvantages of decreasing the corporation tax?
July 6, 2010 by Lily

Economics
Suppose Fred and Ethel need to divide 20 pizza slices and 10 cans of beverage. Fred's utility function is given by the equation U=Min(Z,B), where Z is the amount of pizza and B is the amount of beverage. Ethel's utility is given by the equation U=Min(1/2Z,B). What are the ...
February 18, 2009 by Brett

economics
if utility=a-b where a and b are 2 goods what does this tell you about the two goods?
October 27, 2009 by marcus

Indifference Curves
For each example below, draw a set of three indifference curves that represent the given preferences. Be certain to show the direction of increasing utility. Also write down a utility function that would be consistent with the given preferences and use that utility function ...
August 7, 2009 by Stan

Economics
If the full-employment budget shows a deficit of about $100 billion and the actual budget shows a deficit of about $150 billion, it can be concluded that there is: a. built-in stability b. a cyclical deficit c. an expansionary fiscal policy d. a contractionary fiscal policy ...
November 5, 2006 by Cris

Economics
Joe's utility over consumption and leisure is given by c^(1/2)+@l^(1/2), where @ is a positive constant. Find and graph Joe's labor supply.
February 18, 2013 by Corey

Accounting
I am attempting to complete a budget matrix. Is a consultant listed as a functional budget item or a line-item budget? Are indirect costs listed as a functional budget item or a line-item budget? My understanding from the reading is that I have 1) Functional Budget to ...
September 15, 2010 by Sarah

Math
How is total revenue change from budget calculated. I take the actual number with the budget number and add or subtract them together and divide by the budget number? I'm lost can you help please?
October 19, 2010 by MaryAnn

Economics, Marginal Utilities
Help Economyst.... 1) I think I get this one but maybe n not? Bridget has a limited income and comsumes only wine and cheese, her current consumption is four bottles of wine and 10 pounds of cheese. The price of the wine is $10 per bottle and the price of the cheese is $4 per ...
June 11, 2007 by Ed

microeconomics
Suppose your marginal utility for meals at the campus cafeteria this week has fallen to zero. Explain what has happened to your total utility curve derived from consuming these meals. Now explain what will happen to total utility if you eat more meals at the cafeteria this week.
March 11, 2012 by snizhanna

Economics
Could you please check these thanks. Directions match each item with the correct statement. Not all terms are USED. Here are the words to fill in the blanks. business planning demand curve complements elastic demand expensive goods demand marginal utility expectations market ...
May 14, 2009 by Taylor

Cost accounting
(High-low method) Information about SnoCos’ utility cost for the last six months of 2008 follows. The high-low method will be used to develop a cost formula to predict 2009 utility charges, and the number of machine hours has been found to be an appropriate cost driver. Data ...
September 30, 2009 by Josephine

Econmics - Marginal Utility
total utility of total utility of cheeseburgers french fries 0 0 20 8 36 14 48 18 56 20 60 20 What is the utility-maximizing combination of cheeseburgers and french fries if cheeseburgers are $2 and french fries are $1 and you have $7 to spend (and you can spend all of it). ...
April 1, 2007 by Tracci

Government US
28. Which of the following statements is true? a. X The national debt was eliminated in 1998. b.X The Chair of the Fed creates the president’s budget on an annual basis. c. Keynes advocated deficit spending to counteract an economic downturn. d.X The highest budget deficit in ...
October 4, 2011 by HM

Microeconomics (margin Utility) need clarification
Someone was kind enough to help me with this question, but i was still confused on how they helped me with the first part of my question. The original question was: You go to an auction and set a maximum price of $100 you are willing to bid on an item. However, you are ...
October 15, 2008 by David

Hsm/220
You are the executive director of a local government workforce agency that focuses on developing training skills for high school dropouts. Determine which of the budget items listed would be necessary in order to calculate a functional, line-item, and program budget. Mark an “...
July 4, 2012 by glenna

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