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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.
Suppose that doctors shift away from a fee-per-visit system and are instead paid set annual salaries. What effect will this have on the supply and demand situation for the health
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Differentiate between nominal and real exchange rate. Nominal exchange rate is the rate which actually prevails in the foreign swap market. The real exchange rate is the rate
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argument against in favour of traditonel theory profit maximisation
Calculate the number of moles in 15.8 grams of aluminum hydroxide
Discuss how the opportunity cost principle influence a supplier''s decision to supply labour
Problem 1: i) It has often been argued that a monopoly has both costs and benefits. Discuss. ii) Explain, using diagram the short and long equilibrium positions of a monopo
cars:0,2,4,6,8 tow truck:30,27,21,12,0
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