Answer:
a) 3X + 2Y = 36
b) X = 6 , Y = 9
c) 27
Explanation:
Individual consumes : X and Y
Spends : $36 per time period
unit cost : $3 per unit for X
$2 per unit for Y
utility function : U( X, Y ) = .5XY
<u>A) Budget equation mathematically</u>
X* Px + Y* Py = M
3X + 2Y = 36
Px and Py = unit cost for X and Y
M = Total spent ( revenue )
<u>b) Values of X and Y that will maximize utility </u>
Maximum utility ( MRS ) = Px / Py ,
MRS = MUx / MUy
= Y/X = 3/2
∴ 2Y = 3X
From BC : 6X = 36 ( X = 6 plug into mathematically equation above )
∴ X = 6 , hence Y = 9
<u>c) Total utility generated per unit of time </u>
U( X,Y ) = .5XY
= 0.5 * 6 * 9 = 27
Answer:
The pencils are 11 dollars.
Explanation:
110/10 is 11
11 times 10 is 110
11 + 11 + 11 + 11 + 11 + 11 + 11 + 11 + 11 + 11 = 110
The term ROP for U-Haul means Roll Over Protection which is a service that is offered for rental units of trailers.
Answer:
b.sales
Explanation:
As we know that
Income statement refers to the statement in which the revenues and the expenses incurred should be recorded
While on the other hand the multiple-step income statement refer to the statement in which there are various level like gross profit, total operating expenses etc
Plus we also know that
Gross profit = Sales - cost of goods sold
Therefore the cost of merchandise should be deducted from sales so that we can find out the gross profit