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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=2h find the marginal point. where q is the quantity of electricity in MW-h and h is the amount of water (in 100s of liters per hour)
Rationale for government intervention There are six major functions the government can perform in an economy. 1. The government provides a legal and social framework within which
how to map the curves
As you know, Northern Nevada Green Coalition is interested in showing how green energy production can help to grow and diversify Nevada's economy. In order to do that, we need to a
Which of the following is a free good? Fresh water, forests in the northwestern United States, the advice of economists, or none of the above?
A film studio in Hollywood produces movies according to the function q = F(K;L) = (2=100)K^0.5L^0.5 In the short run, capital (studios, gear) is xed at a level of 100. It costs $
function with equation,variable,parameter
Time is a significant determinant of price elasticity. If a price changes, it might take consumers a certain amount of time to discover alternative lifestyles or commodities to ac
IN YOUR OWN WORDS,HOW DO YOU DIFINE TRANSPORT ECONOMICS?GIVE RELAVANT EXAMPLES OF THIS AREA OF ECONOMICS.
explain how macro and micro issues may be represented using production possibility curve
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