« previous next »

Author Question: Consumers allocate their budgets among bundles because A) more is not always better. B) bundles ... (Read 168 times)

krzymel

  • Hero Member
  • *****
  • Posts: 548
on: Jul 1, 2018
Consumers allocate their budgets among bundles because
 
  A) more is not always better.
  B) bundles are the most efficient way to package goods and services.
  C) consumers face choices and tradeoffs.
  D) they want to minimize trips to the store.

Question 2

JC's music production company provides artists with studio time and a backing band to record with. In providing the rhythm track, JC can employ drum machines or drummers.
 
  Regardless of the quantity of output JC produces, he can substitute two drummers with one drum machinedrum machines tire out less quickly). Draw a few isoquant lines (with numbers) reflecting this production function for the rhythm track. Determine the function representing this production process.


Gabe

  • Sr. Member
  • ****
  • Posts: 321
Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

The drummers and drum machines are perfect substitutes. In other words, the slope of these isoquants has a constant slope meaning at any point on an isoquant the slope is 1/2 (with drummers on the x-axis). Q = L + 2K (or = aL + 2aK)


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Allergies play a major part in the health of children. The most prevalent childhood allergies are milk, egg, soy, wheat, peanuts, tree nuts, and seafood.

Did you know?

There are 20 feet of blood vessels in each square inch of human skin.

Did you know?

More than 2,500 barbiturates have been synthesized. At the height of their popularity, about 50 were marketed for human use.

Did you know?

Between 1999 and 2012, American adults with high total cholesterol decreased from 18.3% to 12.9%

Did you know?

Bisphosphonates were first developed in the nineteenth century. They were first investigated for use in disorders of bone metabolism in the 1960s. They are now used clinically for the treatment of osteoporosis, Paget's disease, bone metastasis, multiple myeloma, and other conditions that feature bone fragility.

Vascular Bundles in Stems Vascular Bundles in Stems
Farmers’ markets provide fresh, local produce to consumers Farmers’ markets provide fresh, local produce to consumers
Look at Table 4.2.2. Consumers learn that the rubber ducks wear out batteries quickly. As a ... Look at Table 4.2.2. Consumers learn that the rubber ducks wear out batteries quickly. As a ...
Look at Table 4.2.2. Consumers learn that the rubber ducks wear out batteries quickly. As a ... Look at Table 4.2.2. Consumers learn that the rubber ducks wear out batteries quickly. As a ...
Draw an Edgeworth box for two consumers over two goods Draw an Edgeworth box for two consumers over two goods
There are four hospitals (consumers in this example) willing to pay the following amounts for a ... There are four hospitals (consumers in this example) willing to pay the following amounts for a ...
Video: Summary of female reproductive cycle days 1-28

For a complete list of videos, visit our video library