Question
A consumer has utility function given by :
u{x1,x2} = min {2x1+x2, x1+2x2}. Given income m = 100, prices p1 = 20, p2 = 30, the amount of x1 in her utility maximizing bundle is:Solution
2x1+x2 = x1+2x2 S0, x1 = x2 Equate x1=x2 then put this in budget line. Solve for equilibrium bundle of x1 and x2. So, 20x1 + 30x2 = 100 50x1 = 100
X1 = 2 = x2
A group of commercial crops of perennial nature, cultivated extensively in tropical and subtropical situations which need employment of labour through o...
A technology where water is recycled and reused after mechanical and biological
filtration and removal of suspended matter and metabolites is kn...
In which year, 14 major banks were nationalized on
Which is the egg parasitoid of sugarcane pyrilla?
Which of these is known as camel crop?
Which type of grains can be stored in the Morai type traditional storage structure?
Which of the following mineral is responsible for firmness of fruit?
Roughages contain > ___% Crude fibre and < _____% TDN.Â
Which method involves the fusion of two naked gametes, one of which must be motile, and is common in aquatic fungi?
An anticodon is a sequence of three nitrogenous bases found on:
