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b) Using Hicksian method, clearlyillustrate income and substitution effect as a result of change in price of a commodity [10 marks] 3. a) What is the difference between ordinal and cardinal ranking of consumer preferences [4 marks] b) Illustrate and discuss how the kinked demand curve explains the phenomenon of price rigidity under oligopoly [6 marks] c) Consider the following demand and cost function of a monopolist. Demand function: = 60 - Q, Cost function:C = 30 + 20Q. Calculate: i). Monopolist profit function [3 marks] ii) Monopolist profit maximizing output [3 marks] iii). Monopolist profit maximizing price [2 marks] iv). Monopolist total profit [2 marks] 4. a) Use elaborate diagrams to explain the three stages of production. [10 marks] b) A consumer with income of shs228 faces utilityfunction U = 2x1/2 + 3y1/2 The consumer's objective is to maximize utility by consuming good x and y whose unit prices are shs 6 and shs3 respectively. i). Set up the consumer's constrained utility maximizing problem [2 marks] ii). What is the corresponding lagragian function [2 marks] iii). Calculate the optimal values of x and y [4 marks] iv). Calculate the consumer utility U, [2 marks]Rewrite each of the following equations in rectangular coordinates and identify the graph. a. 0 = 4 52 Chapter 1 | Parametric Equations and Polar Coordinates b. r = 3 C. r = 6 cos 0 - 8 sin 0Find the area of one petal of the rose defined by the equation r = 3 sin(20)