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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.
Marginal Product (MP) of a Factor: From the above mentioned production function, immediately we can study the effect on total output when there is a variation in labour utlili
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Using tools of indifference curve, highlight on consumption in business economics.
What determines aggregate demand?
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how does the concept of possibility production curve aplicable in real life?
How to solve economics assignment help?
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