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a) Joan's utility function can roughly be estimated as :
U = 60Q13/4 Q22/3
She chooses from two composite commodities Q1 and Q2 whose prices per unit are kshs 20 and Kshs 15 respectively. He has Kshs 6000 to spend on the two commodities. Determine the amount of each commodity that he should buy so as to maximize her utility.
b) Joan would like to minimise her expenditure subject to her enjoying 480 utils of utility. Determine the amount of Q1 and Q2 she should buy so as to achieve her objective.
Socio Economic conditions of country also affect the sales forecasting. They may include total national income per capita income standard of living of the masses, education, inflat
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Mathematical Presentation of Utility maximisation: Consumer's objective is to maximise her utility by solving UMP. To solve UMP, we set the Lagrange function of the correspond
Determine Optimal Price, Quantity and Economic Profit A firm has a demand function P = 200 – 5Q and cost function: AC=MC=10 and a potential entrant has a cost function: AC=MC
In a small rural town, 150 people would like to be employed (this is the supply of labor). In order to make profits, capitalists hire some of these workers to produce grain. Those
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if coast of good A fall by Rs.1 & coast of good B increases by 1 Rs. what will be the effect on budget line
DRAW A SIMPLE CIRCULAR FLOW DIAGRAM AND DISCUSS BRIEFLY THE DISTINCTION BETWEEN AN INJECTION INTO THE FLOW AND A LEAKAGE FROM IT
Explainbainlimitpricetheory
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