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How do you derive consumer equilibrium is the cardinal utility approach

solniwko [45]

Answer:

According to utility analysis, the consumer will be in equilibrium when he is spending money on goods in such a way that the marginal utility of each good is proportional to its price. Let us assume that, in his equilibrium position, consumer is buying q1 quantity of a good X at a price P1.

Explanation:

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7 0

3 years ago

________ are combating competitive pressures by providing better value with private-label merchandise; adding new value-added se

Evgesh-ka [11]

Answer: Conventional supermarket

Explanation:

Conventional supermarket is a departmentalized food store that has a wide range of food and related products and the sale of general merchandise is limited.

Conventional supermarket started about 75 years ago. The aim of establishing a conventional supermarket is that large-scale operations would lead to higher volume of sales, and low prices.

7 0

3 years ago

Do you know why sustainable business is important?

guajiro [1.7K]

Answer:

In short, sustainability in business refers to the effect that companies have on the environment or society. A sustainable business strategy aims to positively impact one or both of those areas, thereby helping address some of the world's most pressing problems, such as climate change and income inequality.

Explanation:

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8 0

3 years ago

A fast-food restaurant has determined that the chance a customer will order a soft drink is 0.90. The proba- bility that a custo

azamat

Answer:

(a) The probability that the order will include a soft drink and no fries is 0.45.

(b) The probability that the order will include a hamburger and fries is 0.48.

Explanation:

Let the events be denoted as follows:

S = an order of soft drink

H = an order of hamburger

F = an order of french fries.

Given:

P (S) = 0.90

P (H) = 0.60

P (F) = 0.50

(a)

It is provided that the event of ordering a soft drink and fries are independent.

If events A and B are independent then the probability of event (A ∩ B) is:

$P(A\cap B)=P(A)\times P(B)$

Compute the probability that the order will include a soft drink and no fries as follows:

$P(S\cap \bar F)=P(S)\times P(\bar F)\\=P(S)\times[1-P(F)]\\=0.90\times (1-0.50)\\=0.45$

Thus, the probability that the order will include a soft drink and no fries is 0.45.

(b)

It is provided that the conditional probability that a customer will order fries given that he/she has already ordered a hamburger as, P (F|H) = 0.80.

The conditional probability of an event B given another event A has already occurred is:

$P(B|A)=\frac{P(A\cap B}{P(A)}$

Compute the probability that the order will include a hamburger and fries as follows:

$P(F|H)=\frac{P(H\cap F)}{P(H)}\\P(H\cap F)=P(F|H)\times P(H)\\=0.80\times 0.60\\=0.48$

Thus, the probability that the order will include a hamburger and fries is 0.48.

6 0

2 years ago

nikolaos is an ordained minister. he moved to indianapolis and lives in the nearby furnished parsonage, which is 1,500 square fe

siniylev [52]

Option D. The way that Nikolaos would be able to determine for the parsonage of the Indianapolis would be: Consult an Indianapolis realtor for a documented quote with comparable listings for the house.

<h3>What is meant by parsonage?</h3>

Old French personage and medieval Latin personagium, both of which imply "home for a person," are the origins of the word "parsonage." A house in the early church was frequently not much more than a priest's place to sleep.

A clergy house is where one or more priests or other religious leaders currently live or previously lived. Such homes may be referred to as manse, parsonage, rectory, or vicarage, among other names.

A recent sale of a property in your neighborhood that is comparable to yours in terms of location, size, condition, and features is known as a "comp," short for "comparable sale."

Comparable (similar) homes have to have equivalent market values, and thus comparable assessed values. Comparing the assessment of your home to the assessments of other comparable homes is one approach to determine whether it has been done fairly or uniformly.