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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
Q. Describe Consumer Price Index? Consumer Price Index:Consumer price index (CPI) is a measure of overall price level paid by consumers for various services and goods they purc
How much does it cost
model of sylos labini
In neoclassical economics, equilibrium exists when supply equals demand for a particular commodity. General equilibrium is a special (purely hypothetical) condition in which every
Highlight the few heading of it
explain two theories of economic rent
ABC ANCA ABNC
Q. What is International Monetary Fund? International Monetary Fund: An international financial institution established after World War II with the goal of stabilizing and regu
3.Cost Minimization for Cobb-Douglas. Suppose the Acme Gumball Company has the produc- tion function of q=LK. Given that the MPL=K, MPK=L and MRT S=MPL/MPK. Part a-b, we are anal
Is Indian companies running a risk by not giving attention to cost cutting
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