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An individual purchases quantities a, b, and c of three different commodities whose prices are p, q, and r, respectively. The consumer spends m dollars, where m > 2p, and the utility function is given by
U(a,b,c)= a+ln(bc)
Show that the optimal expenditure on the second and third good is equal to p (that is, show that when utility is maximized, the expenditure on each of the second and the third good is equal to p).
Find a, b, and c when utility is maximized (you may assume Lagrange multipliers corresponds to the maximum solution).
Classical economists believe that savings is crucial for economic growth because:
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Assume the price charged in market 2 was $10, what would be the price charged in market 1?
This is a business law question there is now select subject for business law so I chose economic Miller, R. (2013). Fundamentals of Business Law: Summarized Cases. 9th ed. South-Western, Cengage Learning. ISBN: 978-1111530624. What human dynamics are..
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