Mary's preferences over X and Y correspond to the following utility function: U(X,Y) = XY³. Suppose that her income is M=$80 and that the market price of X is Px=$2, while that of Y is Py=$4 a. Find and plot her budget line, clearly indicating the intercepts and the slope. b. The marginal utility of X is MUx=Y³, while that of is MUy=3XY?. Compute and show Mary's optima consumption bundle on the same graph. c. Find her utility at her optimal consumption bundl specifying the amount of satisfaction she derives from the Tast unit of each good purchased.

Q: of oil would make 15 million barrels the optimal quantity to extract and sell

A: At price 90 oil would make 20 million barrels the optimal quantity to extract and sell this year.

Q: There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar…

A: With the existence of a transaction cost of $90 which has to be split between the two that is $45…

Q: The Mount Emerald Wind Farm will be Queensland's largest wind farm once construction is completed.…

A: Renewable energy plays a very important lesson in economics by fostering sustainability, decreasing…

Q: UNITS OF VARIABLE TOTAL MARGINAL AVERAGE PRICE OF INPUT PRODUCT PRODUCT PRODUCT INPUT TOTAL VARIABLE…

A: However, the relationship between marginal cost and average variable cost is this:When marginal cost…

Q: Following information relating to a type of raw material is available: Annual demand 2,400 units…

A: Annual Demand (D) = 2400 unitsUnit Price = 2400Per Order Cost (O)= 400Storage Cost = 2% Interest…

Q: Using the graph, complete the table that follows by indicating whether each statement is true or…

A: In the language of economics, "demand" is the amount of an item or service that buyers are willing…

Q: The table below provides the total revenues and costs for a small landscaping company in Total…

A: Many physical assets loses its value  with time . the value of loss  is known as D(depreciation)…

Q: The South Korean Government in the 1970s decided to follow a strategy of increased investment in…

A: Scarcity refers to the limited availability of resources, that are used to produce goods and…

Q: How does the Overnight Rate Target inuence interest rates throughout the economy? (A) The…

A: The overnight rate basically refers to the interest rate at which a depository institution (usually…

Q: Note: Good A B C D E F G H I J Nominal rate 10% 5% 0% 30% 2% 2.5% 15% R0.50/unit 40% R2.50/unit…

A: We need to take the average of all the nominal tariff rates without considering the import values.…

Q: A bottle of wine costs $14.00 and yields 5 ‘by the glass’ servings. To have a 25% FC what would I…

A: Price can be calculated by using the following formula.

Q: Consider the global market for tin represented by Figure 7.4. Initially equilibrium is at point A…

A: A price ceiling is a maximum price set by the government that sellers are allowed to charge for a…

Q: 10 00:05:28 Differentiate between a firm and an industry. Short Answer Toolbar navigation BIUS ESE…

A: A firm is important in economics because managerial decisions are made at the firm level.  In common…

Q: 10. The Hastlehoff family took 5% hours to gather information for their Schedule A. The itemized…

A: Saving is income that is not spent, or conceded consumption. The portion of income isn't utilized…

Q: Lachlan has a Jacaranda growing in his yard. One of the tree limbs is growing over into Dan's…

A: Introduction  A gain is a general increase in the value of an asset or property. A gain refers…

Q: Price (Dollars per gallon) 4.80 4.40 4.00 3.60 3.20 2.80 2.40 2.00 1.60 1.20 0.80 0.40 0 Quantity…

A: A monopolist is a business, firm or organisation that operates under a monopoly market. An entity is…

Q: Mac's credit card statement included $1297.00 in cash advances and $143.91 in interest charges. The…

A: This is question of interest rate .

Q: Sheryl's preferences for consumption and leisure can be expressed as U(C, L) = (C – 100) × (L– 40).…

A: We are given the following information- Sheryl's preference for consumption and leisure is expressed…

Q: 4. The change in consumer surplus as a result of the shift in the graph below is equal tor (a) 1050…

A: Consumer surplus is the area below the demand curve and above the equilibrium price level.

Q: Assess the macro-economic factors that affect the affordable housing industry in general and Burbank…

A: The chief determinant of the housing affordability level in the region is family income. The…

Q: A period between date of acquisition and date of disposal by a specific owner. a. Ownership life O…

A: Aquisition date means when the asset is purchased new . And the period between acquisition and…

Q: Average Incomes of Children - with Low Income Parents (51000) 45- 40- 35- 30- 25- Upward Mobility…

A: The housing sector's importance in the current economy stems from its significant effects on…

Q: Name: Name: Name: $/unit 25 1 Fertilizing Fish When farmers fertilize their fields, the nitrogen…

A: The objective of the question is to understand the concept of externalities in the market for…

Q: ser passwords for the mainframe at a finance firm consists of five letters followed by two numbers.…

A: The multiplication rule of permutation states that if an event can occur in m1 different ways, 2nd…

Q: Government-imposed taxes cause reductions in the activity that is being taxed, which has important…

A: There are many sub-parts of the question. As per honor code, we can only provide solution of first…

Q: UNITS OF VARIABLE TOTAL MARGINAL AVERAGE PRICE OF INPUT PRODUCT PRODUCT PRODUCT INPUT TOTAL VARIABLE…

A:

Q: There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar…

A: Since the property rights are with the tenants, the bar owners will compensate the tenants for the…