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Please solve on paper. It's easier to follow along and understand. 3. A consumer's utility function is given by U = x1162 where x1 is

Please solve on paper. It's easier to follow along and understand.

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3. A consumer's utility function is given by U = x1162 where x1 is the quantity of good 1 that is bought and x2 is the quantity of good 2 that is bought. The price of good 1 is $10 while the price of good 2 is $5. If the consumer's income is $100 what will the consumer's optimal utility level be? 4. A rm's production function is given by Q = LO'BKO'25 Where L is the quantity of labour employed and K is the quantity of capital employed. The price of labour is $20 and the price of capital is $5. If the producer's costs are constrained to $320 find the maximum level of production of the firm. [hints Costs = wL + rK where wages w is the cost of labour and r is the cost ofcapt'tal]

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