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An individual derives utility from consuming goods X and Y according to the following estimated utility function
U = 12X2/3 Y ¼
X and Y are quantities (units) of the two goods
The individual has ksh 2400 to spend on goods X and Y whose prices per unit are ksh 6 and Ksh 12 respectively,
a) Find the individual's marginal utilities with respect to both goods
b) Determine the quantities of each commodity he/she should buy so as to maximize his utility
c) His/her maximum attainable utility level
If the short run method to produce Q quantity is with full time workers L=0.025*Q, COST OF WORKER IN THE SHORT RUN IS w=20226.154, how do you derive the value of Q
explain diagrammatically the bains model of limit pricing.
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explain graphically Equilibrium of a multi product firm
Ask q3x+5=20 uestion #Minimum 100 words accepted#
Explainbainlimitpricetheory
Profits University creates student credit hours (y) with two inputs: Professors' hours of work (x1) and TAs' hours of work (x2) according to the manufacture function: f(x1,x2)= 10x
In November 2010, every Mzumbe University student had an income of 150000/= per month,facing the price of meal (X) 1000/= and average price of other goods (Y) 1000/=.The initial ut
discuss whether marginal utility is a realistic piece of economy analysis in a consumer demand
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