utility, Microeconomics

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Determine the amount of composite commodities, a)  Joan's utility function ...

a)  Joan's utility function can roughly be estimated as : U = 60Q 1 3/4 Q 2 2/3 She chooses from two composite commodities Q 1 and Q 2 whose prices per unit are kshs 20

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Before explaining returns to scale it will be instructive to make clear the distinction between change in the scale and changes in factor proportions. The difference between the ch

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Question 1: (a) Using examples, explain how the theory of Purchasing Power Parity conforms to the Law of One Price. (b) According to you, how best does the Theory of Purchasing

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Name the two actors in the basic neoclassical (or traditional microeconomic) model of economics, and identify the assumptions the model makes of these two actors. Firms and hou

Introduction, What is micro static analysis?

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Marginal utility and indifference curve, Marginal Utility and Indifference ...

Marginal Utility and Indifference Curve - If the consumption of a product moves along an indifference curve, additional utility derived from the increase in consumption of sing

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