--%>
Assignment Help - homework help

Marginal utilities for additional good

When each ice cream cones cost $2 and fried grits are of $4 per pound and your marginal utilities from an additional cone or an additional pound of fried grits per month are each of 40 utils, then, given your present budget, you: (1) Are presently maximizing your satisfaction. (2) Can profit by purchasing more cones and less fried grits. (3) Would purchase more fried grits and fewer cones when you inherited some money. (4) Can profit by eating more fried grits and less ice-cream.

Can someone help me in getting through this problem.

   Related Questions in Microeconomics

  • Q : Market structure in an automotive

    What type of a market structure in an automotive industry?

    		•
  • Q : Define marginal cost Marginal cost : It

    Marginal cost: It is the change in sum cost by generating one more or less unit of output.

    		•
  • Q : Problem on Paradox of Value I have a

    I have a problem in economics on Problem on Paradox of Value. Please help me in the following question. Since diamonds are much expensive as relative to water, the: (i) Fundamental needs of people don’t comprise water. (ii) Consumer surplus from consuming the di

    		•
  • Q : Advertising for higher prices Brand

    Brand name aspirin sells on higher prices than generic aspirin since: (w) higher prices mean higher quality. (x) they are chemically superior. (y) they cost more to produce. (z) advertising campaigns relate the brand name along with quality.

  • Q : Problem on monoplists Suppose that the

    Suppose that the total cost curve for a monopolist is provided by TC = 3y2 + 800 and its marginal cost curve is given as MC = 6y.  Also assume it faces a market demand curve of py = 280 - 4y and marginal revenue curve of MR = 280 – 8y.

    		•
  • Q : Price elasticity on straight line curve

    Find out the price elasticity of supply at any point on a straight line curve when A) supply curve intersects ox axis in its negative range B) supply curve intersects ox axis in its positive range. C) Supply curve passes via the origin?

    		•
  • Q : Resource market in equilibrium When the

    When the resource market demonstrated in this figure is into equilibrium: (1) owners of these resources currently receive no economic rents. (2) economic rent is specified from trapezoid Oade. (3) the rectangle Obde measures consumer surplus by the fi

    		•
  • Q : Problem on Jurisdictional Strikes The

    The Taft-Hartley Act prohibited strikes against the firm over the issue of which of two or more competing unions would symbolize the firm’s employees. These strikes are termed as: (i) Jurisdictional strikes. (ii) Strategic representation strikes

    		•
  • Q : Sufficient general theory of oligopoly

    A sufficient general theory of oligopoly would: (w) merely blend elements from competitive and monopolistic models. (x) qualitatively account for interdependence in decision making in broad terms. (y) closely fit all types of oligopoly markets. (z) de

    		•
  • Q : Duopoly for two sellers What is that

    What is that market termed in which there are just two sellers (or firms)? Answer: Duopoly terms to a market condition in which there are only two sellers.

    		•