Determine gross demand, Nick has an endowment of 20 x's and 75 y's which he can trade at, Microeconomics

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Determine gross demand

Nick insists on consuming 3 times as much of y as he consumes of x (so he always has y = 3x). He will consume these goods in no other ratio. The price of x is 2 times the price of y. Nick has an endowment of 20 x's and 75 y's which he can trade at the going prices. He has no other source of income. What is Nick's gross demand for x?

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Microeconomics: Determine gross demand

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Microeconomics: Determine gross demand

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Recent Questions Asked Microeconomics

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Determine gross demand

Reference No:- TGS066613

Recent Questions Asked Microeconomics

Q : Write expressions for total revenue and marginal revenue

Q : Desired minimum monthly balance

Q : Shape of the average total cost function

Q : Expenditures incurred in purchasing the land

Q : Determine gross demand

Q : Compute total budgeted costs

Q : How much should airline charge for ticket if price is given

Q : Find first-degree price discrimination the optimal price

Q : Efficiency wage theory for unemployment

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