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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 Congress increases the minimum wage to $10 an hour. a. Use a supply and demand model for unskilled labor to show the effect on the number of unskilled workers employed
alternative theories of trade
would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
Movements of the demand curve itself, either to the left or right are known as changes in demand. A change in demand is caused by a change in one or more of the nonprice determina
hi i need price,cross and income elasticity of toyota corolla car. its only small part of the assignment topic so its need around 500 words. thanks ishwor
#1 explain with the aid of diagram the effect of an increase in demand for palm oil on the equilibrum position for palm kernel
Profit Margin A measure of organization performance, profit margins measure the percentage return an organization is earning over the cost of production of the items sold.
Neoclassical economics is dominant approach to economics currently taught and practiced in most of the world (and particularly dominant in Anglo-Saxon countries). It attempts to ex
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if australian governmrnt imposed a sales tax on petrol by $0.25, then the price of petrol will rise by 0.25. consumers can not get by without petrol, so they have to pay the whole
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