Business, 20.08.2020 18:01 ofmiceandkj1

If the price of a soda is $2, the price of a hamburger is $6, and George has $20 of income, George's utility maximizing combination of sodas and hamburgers per day is:

Answers: 1

Show answers

Answers

Answer from: ccarwile01

2 hamburgers and 4 sodas

Explanation:

The utility's function was missing, so I looked for it:

Hamburgers per Day Total Utility Marginal Utility MU per $

1 30 30 5

2 52 22 3.67

3 67 15 2.5

4 76 9 1.5

5 80 4 0.67

Sodas per Day Total Utility Marginal Utility MU per $

1 20 20 10

2 35 15 7.5

3 47 12 6

4 57 10 5

5 64 7 3.5

If George wants to maximize his utility per dollar spent, he should buy 2 hamburgers and 4 sodas. This will yield him 52 utils (form hamburgers) and 57 utils (form sodas) = 109 utils per day

Answer from: Quest

answer; experimentation;

Answer from: Quest

Answerof the company, both internally and externally;

Another question on Business

Business, 22.06.2019 05:10

Suppose that the free states of eldricia, a small nation, has consumption, investment, government purchases, imports, and exports as follows. consumption $140 investment $50 government purchases $45 imports $30 exports $15 calculate the free states of eldricia's gdp

Answers: 2

Answer

Business, 22.06.2019 08:30

The production manager of rordan corporation has submitted the following quarterly production forecast for the upcoming fiscal year: 1st quarter 2nd quarter 3rd quarter 4th quarter units to be produced 10,800 8,500 7,100 11,200 each unit requires 0.25 direct labor-hours, and direct laborers are paid $20.00 per hour. required: 1. prepare the company’s direct labor budget for the upcoming fiscal year. assume that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced. 2. prepare the company’s direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is not adjusted each quarter. instead, assume that the company’s direct labor workforce consists of permanent employees who are guaranteed to be paid for at least 2,500 hours of work each quarter. if the number of required direct labor-hours is less than this number, the workers are paid for 2,500 hours anyway. any hours worked in excess of 2,500 hours in a quarter are paid at the rate of 1.5 times the normal hourly rate for direct labor.

Answers: 2

Answer

Business, 22.06.2019 11:00

When partners own different portions of the business, the terms should be stated clearly in what document? the articles of incorporation the executive summary the business summary the partnership agreement

Answers: 3

Answer

Business, 22.06.2019 21:40

Engberg company installs lawn sod in home yards. the company’s most recent monthly contribution format income statement follows: amount percent of sales sales $ 80,000 100% variable expenses 32,000 40% contribution margin 48,000 60% fixed expenses 38,000 net operating income $ 10,000 required: 1. compute the company’s degree of operating leverage. (round your answer to 1 decimal place.) 2. using the degree of operating leverage, estimate the impact on net operating income of a 5% increase in sales. (do not round intermediate calculations.) 3. construct a new contribution format income statement for the company assuming a 5% increase in sales.

Answers: 3

Answer

You know the right answer?

If the price of a soda is $2, the price of a hamburger is $6, and George has $20 of income, George's...

Questions