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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.
Q=2h find the marginal point. where q is the quantity of electricity in MW-h and h is the amount of water (in 100s of liters per hour)
characteristics of microeconomics
how the equilibrium output and price is determined in williamson model of managerial discretion?
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