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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.
Supply function given by equation QS = 3P - 50. Write an equation proposals if: a) Government introduces subsidies of 5 $ per unit; b) the government introduced subsidies of 15%
i when should continue to produce in the short run
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explain optimal use of variable input?
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