Joseph has the utility function u(f, h) = 10f2h, where f is the quantity of food he consumes per year and h is the quantity of housing per week. suppose the price of food is $10 and the price of housing is $5, while joseph has an income of $150/week. a. what can you say about the nature two goods that joe consumes? and why so? b. does the indifference curve exhibit diminishing marginal rate of substitution (mrs)? provide appropriate reasons. c. calculate joseph's mrs as a function of the quantities f and h. show all the work. d. what is the expression for the budget constraint?
Answers: 3
Other questions on the subject: Business
Business, 22.06.2019 07:30, ingle75
Fill in the missing words to correctly complete each sentence about analyzing a job posting. when reviewing a job posting, it’s important to check theto determine whether it’s worth your time to apply. if the post has been up for a while or it’s already closed, move on to the next position. if it’s still available, take note of when it closes so you’ll know when you mayfrom the company in regard to an interview.
Answers: 1
Business, 23.06.2019 04:40, blakemccain1928
What are the advantages and disadvantages for an individual who accepts a job as a human resource manager in a firm that is in the midst of a retrenchment corporate strategy? a reactor business strategy?
Answers: 3
Business, 23.06.2019 11:30, sarinaneedshelp01
Which of the following is/are required to be in writing under the ucc's statute of frauds? a. a $10,000 oral contract dealing with specially manufactured goods. b. a $550 oral contract dealing with unique goods. c. a $100,000 oral contract involving the lease of goods where the defendant admits the existence of the contract in court. d. a $12,000 oral contract where the seller ships the goods and the buyer takes possession of half of the goods. e. all of the above.
Answers: 1
Do you know the correct answer?
Joseph has the utility function u(f, h) = 10f2h, where f is the quantity of food he consumes per yea...
Questions in other subjects:
Geography, 16.11.2020 22:20
English, 16.11.2020 22:20
Mathematics, 16.11.2020 22:20
Social Studies, 16.11.2020 22:20
Biology, 16.11.2020 22:20
