Answer to Question #73833 in Microeconomics for nick

Question #73833

Px = $2, Py = $1, and income of $15

Expert's answer

1) So, we have that Px = $2, Py = $1, and income of $15, then we get that
$2*Qx + $1 * Qy = $15, also MCx/MCY = $2/$1, so MCx =2* MCy , then also
Qx = 2*Qy.
2) $2*2*Qy + $1 * Qy = $15, wet get QY=3, Qx = 6.

Learn more about our help with Assignments: Microeconomics

Comments

No comments. Be the first!

Leave a comment

Related Questions

1. Decrease in price from R50 to R40 causes quantity demands to increase from 2500 to 3000.using sex el
2. Find the equilibrium of L and K subject to a given output: minimize cost: C=40K+20L subject to Q=6
3. A decrease in price from R50 to R40 causes the quantity demanded to increase from 250p to 3000 units
4. Find the equilibrium of L and K subject to a given output: Minimize cost: C = 40K+ 20L Subject to
5. Auto-Vehicles Ltd. estimates the monthly demand (Q) for its product is given by the equation log Q =
6. Data from 20 cities were used to estimate the demand for face-lifts. The resulting regression equati
7. The MacWend Drive-In has determined that demand for hamburgers is given by the following equation:

Who Can Help Me with My Assignment

There are three certainties in this world: Death, Taxes and Homework Assignments. No matter where you study, and no matter…
How to Finish Assignments When You Can’t

Crunch time is coming, deadlines need to be met, essays need to be submitted, and tests should be studied for.…
How to Effectively Study for a Math Test

Numbers and figures are an essential part of our world, necessary for almost everything we do every day. As important…