# 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 ...

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 ...

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...

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...

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 ...

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

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 ...

microeconomics
Budget constraint 1 is faced when price food = 10 and price clothing = 5. Budget constraint 2 is faced when pfood = 40/7 and pclothing = 10. The income is 100 for both budget constraints. Draw both budget constraints. Next, draw the following four consumption bundles in your ...

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 ...

Economics
he graph below shows 2 budget lines and 6 consumption points for Pepsi and Dr. Pepper (A,B,C,D,E, and F). Assume that the consumer, Fred, attempts to maximize his utility and exhausts his budget on the two goods.

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 ...

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 ...

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 ...

Economics(pls Help)
Zoe Goggles is a deep sea underwater photographer. Her camera and lenses are valued at \$4,000. There is a chance of 1/20 that she will lose her equipment on a dive over the course of the year. Her wealth, including the value of her equipment, is \$30,000. Zoe’s utility ...

microeconomics
Save Open Spaces (SOS) is a non-profit organization that promotes protection of undeveloped land. They perform two primary activities: purchasing undeveloped land for preservation and lobbying Congress for additional protection for undeveloped land. SOS has a budget of \$600,...

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 ...

economics
Mauricio has a circus act that involves monkeys on unicycles. Mauricio has a fixed amount to spend on unicycles and monkeys. it shows Mauricio's initial budget constraint. The price per unicycle is \$120 and per monkey is \$90. what happens to Mauricio's budget line when the ...

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...

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

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

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 ...

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 ...

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.

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...

economics(gentle man) thankyou
Define the following term using graphs and mathematical expression a)utility b)util c)iso cost d)indiffernce curve e)budget line f)monopolist g)kiked demand curve h)social exploitation i)profit j)perfect competation market.

Economics
Luis’s utility function is u=x^.4y^.6 Suppose that Luis wants to get 60 utils, provide 4 bundles with which he can achieve that level of utility. Please explain

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

Financing and Budget
which one of these categories would most likely be found in the operating budget of a day care center? A. Loan payments B.Tables and chairs for classrooms C.Deposits for utility services D. Desks and chairs for the office C.

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.

Economics
What is more important to the consumer: Marginal utility or marginal utility per dollar and why

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 ...

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 ...

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.

Economics
A Cobb-Douglas production function for new company is given by  f(x,y)  50x 2 5 y 3 5 where x represents the units of labor and y represents the units of capital. Suppose units of Labor and capital cost \$100 and \$200 each respectively. If the budget ...

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 ...

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...

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 ...

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?

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

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 ...

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...

macro
Assume that the utility function of a consumer is given by U = ln c1 + ln c2 The interest rate is given by 5% and the endowments are given by (y1, y2) = (100, 120). (a) Draw the budget constraint. (b) Calculate the consumption and saving in period 1. (c) Draw the indifference ...

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?

Economics
Budget deficit is the amount of money the government borrows for one budget (1 year) and national debt is the sum of all government borrowing. A. True**** B. False

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. ...

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 ...

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 ...

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 ...

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...

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...

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.

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...

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...

ACCOUNTING
All of the following are parts of a Master budget except a___________________. (Points : 1) A sales budget B production budget C direct labor budget D balanced scorecard ANSWE4 D

statistics
the average yearly utility costs on Middleton is \$1722 with stdev of 146. assume that the utility costs follow a normal distribution. 1) What would the utility costs have to be so that only 7% of houses in Middleton have utility costs greater than this amount

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?

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 ...

economics
charts for cardinal and ordinal utility

economics
how to derive marginal utility of income?

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?

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 ...

economics
what is meant by utility and how does it relate to purposeful behavior.

economics
Define utility using mathmatical expression.

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 ...

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...

Economics
Quality Adjusted Life Years evaluates interventions in _____ rather than _____. a. dollars; years b. utility; dollars c. years; dollars d. dollars; utility

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...

economics
What is meant by the term utility and how does it relate to purposeful behavior

Economics
what is meant by the term utility and how does it relate to purposeful behavior?

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?..

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.

Economics
Suppose that Erin spends all of her income on two goods: pizza and fiction novels. If the price of pizza rises, then A. The current marginal utility per dollar spent on pizza will rise B. The current marginal utility per dollar spent on pizza will fall C. The current marginal ...

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

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.

economics
How does a budget differ when you have an irregular income vs. a predictable income? irregular income is monthly budget.

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 ...

Civics
Which would you most likely find a smaller amount of in a government budget than in a personal or household budget? A. The percent of total income that goes towards national defense and health care B. The percentage of people affected by the budget who are responsible for ...

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 ...

American Goverment
When Congress prepares a budget (Points : 1) it collects estimates from each Executive department separately. it receives a unified budget prepared by the President’s Office of Management and Budget. it figures out on its own how much each department needs. it creates an ...

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: he...

economics
explain how the principle of diminishing marginal utility is related to the downward sloping demand curve?

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 ...

civics
which would you most likely find a smaller a smaller amount of in a governments budget than in a personal household budget? a. the percent of total income that goes towards national defense and health care b. the percentage of people affected by the budget who are responsible ...

Civics
which would you most likely find a smaller a smaller amount of in a governments budget than in a personal household budget? a. the percent of total income that goes towards national defense and health care b. the percentage of people affected by the budget who are responsible ...

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

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 ...

economics
What is the budget deficit in a given year?

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

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.

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 ...

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 ...

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 ...

I need help understanding whether salaries are put into all categories of a program budget,line-item budget,and a functional budget matrix?

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 ...

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 ...

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...

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 ...

Economics
the 2 main parts to a federal budget??? anyone? how bout revenues and outlays??

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 ...

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