Answers
Ans: ratios of marginal utility of each product purchased by it's price are equal.
Explanation:
Total utility is maximized when,
(MUx / Px) = (MUy / Py)
It means total utility is maximized when marginal utility per unit dollar spend on each good are equal.
.Similar Solved Questions
1 answer
‘How to do it’ is a company which provides information and products for the DIY sector....
‘How to do it’ is a company which provides information and products for the DIY sector. It has grown significantly in the past few years and turnover has increased from around $3m to over $15m per annum. The company was originally managed by the owners who, as it grew, hired staff from p...
2 answers
Physics
A Hooke's law spring is mounted horizontally over a frictionless surface. The spring is thencompressed a distance d and is used to launch a mass m along the frictionless surface. Whatcompression of the spring would result in the mass attaining double the speed received in the abovesituation?...
1 answer
A chemist must prepare 650.0mL of sodium hydroxide solution with a pH of 12.90 at 25°C....
A chemist must prepare 650.0mL of sodium hydroxide solution with a pH of 12.90 at 25°C. He will do this in three steps: Fill a 650.0mL volumetric flask about halfway with distilled water. Weigh out a small amount of solid sodium hydroxide and add it to the flask. Fill the flask to the mark with ...
1 answer
1. Harlequin Co. has used the LIFO retail method since it began op...
1. Harlequin Co. has used the LIFO retail method since it began operations in early 2015 (its base year). Its beginning inventory for 2016 was $36,000 at cost and $72,000 at retail prices. At the end of 2016, it computed its &...
1 answer
Integrative: Risk and valuation Hamlin Steel Company wishes to determine the value of Craft Foundry, a...
Integrative: Risk and valuation Hamlin Steel Company wishes to determine the value of Craft Foundry, a firm that it is considering acquiring for cash. Hamlin wishes to determine the applicable discount rate to use as an input to the constant-growth valuation model. Craft's stock is not publicly ...
1 answer
Assuming that direct labor is a variable cost, product costs under variable costing include only: direct...
Assuming that direct labor is a variable cost, product costs under variable costing include only: direct materials and direct labor direct materials, direct labor and variable manufacturing overhead direct materials, direct labor, variable manufacturing overhead, and variable selli...
1 answer
COST OF TRADE CREDIT AND BANK LOAN Lancaster Lumber buys 58 million of materials (net of...
COST OF TRADE CREDIT AND BANK LOAN Lancaster Lumber buys 58 million of materials (net of discounts) on terms of 3/5, net 70, and it currently pays on the 5th day and takes discounts, Lancaster plans to expand, which will regure additional financing. Assume 365 days in year for your calculations a. I...
1 answer
In the same community, we have elicited each individual's willingness to pay to build preserve an...
In the same community, we have elicited each individual's willingness to pay to build preserve an acre of natural park space. Whatever amount is preserved, the community will split the cost evenly. Suppose it costs $44 to preserve an acre of natural park space. Park (acres) Avery WTP Billy WTP (...
1 answer
8. What type of reaction mechanism is utilized by 6-phosphoglucono-5- lactonase? How does this contrast with...
8. What type of reaction mechanism is utilized by 6-phosphoglucono-5- lactonase? How does this contrast with phosphoglucose isomerase?...
1 answer
Unit3: Polymerisation techniqu... X Please answer the following questions: 1. State the main differences between polymerisation...
Unit3: Polymerisation techniqu... X Please answer the following questions: 1. State the main differences between polymerisation of any monomer in Emulsion and Suspension techniques? 2. State the main differences between polymerisation of any monomer in Bulk and Solution techniques?...
1 answer
EN Normal No Spacing Question 2. Total: 20 Marks) A) With relevant mathematics and spectra, analyse,...
EN Normal No Spacing Question 2. Total: 20 Marks) A) With relevant mathematics and spectra, analyse, whether or not the message of Full AM can be demodulated using the following system. Clearly state any assumptions. (10 Marks) [Ve + m(t)) cos(pt) B2: 5 LPF B3: 5 sin(wpt) Figure Q2: IF demodulator I...
1 answer
QUESTION 1 Ithe question is adapted from 2018SC exam a) Under NZ IFRS 9, all financial assets can be subsequently measured using one of three classifications. Required: Describe how an entity ca...
QUESTION 1 Ithe question is adapted from 2018SC exam a) Under NZ IFRS 9, all financial assets can be subsequently measured using one of three classifications. Required: Describe how an entity can classify a financial asset into each of the three classification categories described in NZ IFRS 9. (6 m...
1 answer
Question 23 Your small business is considering purchasing one of two different computers. Computer A costs...
Question 23 Your small business is considering purchasing one of two different computers. Computer A costs $470 today and will increase after-tax revenues by $140, $166, and $512 over years 1-3 respectively. Computer B costs $210 today and will increase after-tax revenues by $181, $83 , and $32 over...
2 answers
In the Lewis dot structure for #NH_3#, the central atom of the molecule has three atoms bonded to it and one lone pair of electrons. What is the shape of an #NH_3# molecule?
In the Lewis dot structure for #NH_3#, the central atom of the molecule has three atoms bonded to it and one lone pair of electrons. What is the shape of an #NH_3# molecule?...
1 answer
Solve All Problems and Show All Your Work 1) For the following circuit write the mesh...
Solve All Problems and Show All Your Work 1) For the following circuit write the mesh equations and solve for the loop currents. 4 ohm 2 ohm ohm...
1 answer
Chapter 7 Homework after class Sowed Help Save & Exit Submit 9 Barstow Manufacturing Company has...
Chapter 7 Homework after class Sowed Help Save & Exit Submit 9 Barstow Manufacturing Company has two service departments - product design and engineering support, and two production departments - assembly and finishing. The distribution of each service department's efforts to the other depar...
1 answer
Question 20 point The microstructure of a copper silver alloy at 775°C (142597) consists of primary...
Question 20 point The microstructure of a copper silver alloy at 775°C (142597) consists of primary and eutectic structures at the mass fractions of these two microconstituents are 0.30 and 0.70, respectively, determine the composition of the alloy (W) Composition 20 40 1200 T 100 2200 4 2000 -L...