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Determine the indirect utility function in brief. Indirect Utility Function: The ordinary utility function, u(x), is described over the consumption set X and thus to as the
explain how microeconomic and macroeconomic issues may be represented using the production possibility curve
Mikes' preferences for consumption and leisure may be represented by the Utility function: u(C, L) = ( C-200)*(L-80) . His marginal utilities of leisure and consumption are (C-200
how the increase in price will affect consumer''s ability to maximise satisfaction?
f(x1 x2,x3,x4) =min(x1/4x22/3,x3+2x4)
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reason for kinked demand curve
Adding the economic activities of government to the circular flow model shows that: 1. Government spending creates inflation 2. Government purchases of goods and services,
if marginal cost descreases then what else is effected by this
argument against in favour of traditonel theory profit maximisation
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