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katielloyd
16.06.2021 •
Business
Daniel derives utility from only two goods, cake (Qc) and donuts (Qd). The marginal utility that Daniel receives from cake (MUc) and donuts (MUd) are given as follows: MUc = Qd MUd = Qc Daniel has an income of $240 and the price of cake (Pc) and donuts (Pd) are both $3. What is Daniel's budget constraint?
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Ответ:
240= 3Qc + 3Qd
Explanation:
The computation of the Daniel's budget constraint is shown below;
Given that
Daniel's income= $240
Price of cake (Pc) =$3
Price of donuts (Pd) =$3
So spending on cake = 3Qc
And,
Spending on donut= 3Qd
Finally
Total spending = 3Qc + 3Qd
Now the equation of budget constraint is
Income= (quantity of cake)(price of cake) + ( quantity of donut)(price of donut)
So,
Income= Qc Pc+ Qd Pd
240= 3Qc + 3Qd
Ответ:
E. shift the demand curve to the right, initially creating a shortage until the price rises to where quantity supplied again equals quantity demanded.
Explanation:
The demand will shift to the right generating a shortage until the supply raises the price to make the market in equilibrium again.
We should also assume this equilibrium will be at more ice-cream quantity as the supplier will respond for this increase in demand with both, increase in production and increase in price.