Find the marginal utilities, Microeconomics

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

Posted Date: 3/8/2013 5:29:32 AM | Location : United States







Related Discussions:- Find the marginal utilities, Assignment Help, Ask Question on Find the marginal utilities, Get Answer, Expert's Help, Find the marginal utilities Discussions

Write discussion on Find the marginal utilities
Your posts are moderated
Related Questions
Explanatory research is research conducted in order to describe any behavior in the market. It could be done by using questionnaires, group discussions, random sampling,  interview

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Consider an economy with high innovative potential, but where saving is insufficient to fund innovative investments. Use Garrison's capital-based macroeconomics to explain how more

GOOD GOVERNANCE TO ENSURE IMPLEMENTATION OF ECONOMIC POLICY:  Government is very sensitive to the expectation of the people and sincere efforts in this direction have already


graphical illustrations describing the influence of an increase in immigrants on the market supply of labour

Hi, Can you help with writing ten pages, each page deferent topics about Karl Marx economic views. It will be in english as a second language. Nothing fancy. Just simple straight

Why do so many international markets tend towards oligopolist structure? Definition of oligopoly - few and large firms with market power Basic assumptions of oligopoly

Problem : (a) Using examples of Least Developed Countries, explain the: (i) causes of market failures; and (ii) consequences of market failures (b) Describe the common

Program Spending: Government spending that is undertaken to provide useful public programs. Program spending includes both transfer payments which are intended to supplement the in