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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
How much would the price of Good Z (Pz) have to change in order to increase the consumption of Good C by twenty five percent (25%)?
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