Find the marginal utilities, Microeconomics

Assignment Help:

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


Related Discussions:- Find the marginal utilities

Sales revenue, how advertisement affects the sales revenue of a form

how advertisement affects the sales revenue of a form

Supply function, given the cost function as C=0.3Q3-2Q2+13Q+25,find the sup...

given the cost function as C=0.3Q3-2Q2+13Q+25,find the supply function

Supply/demand/cost curves, given short run total cost curve :10q^2+4q=100 a...

given short run total cost curve :10q^2+4q=100 and short run marginal cost MC=20q+4 and market demand Q=100-p what''s the equation of the short run supply curve?

Illustrate the roles of mathematics in modern economics, Illustrate the rol...

Illustrate the roles of mathematics in modern economics? Roles of Mathematics in Modern Economics: Mathematics has become a significant tool into modern economics. Mostly

Average fixed costs, how do you find the average fixed costs using total fi...

how do you find the average fixed costs using total fixed costs and total product?

Sources of finance to business enterprises, explanation of sources of finan...

explanation of sources of finance to business enterprises in Nigeria

Dimensions of unemployment, DIMENSIONS OF UNEMPLOYMENT: What is the le...

DIMENSIONS OF UNEMPLOYMENT: What is the level of unemployment in the country? According to the 1999-2000 Survey of NSSO, the number of unemployed has increased from 20.13 mill

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd