ESSENTIALS OF BUSINESS...(LL)-TEXT
10th Edition
ISBN: 2810018710536
Author: Guffey
Publisher: CENGAGE L
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Chapter 11, Problem 15CT
Summary Introduction
To determine:
The opinion I would give to the vice president based on the given options.
Introduction:
When working in groups as a team, making decisions are very crucial. Because when making decisions it is essential to collaborate all members to agree to a decision. And ensuring all members will agree is a nightmare. This is because most of the time individuals will not agree, they will have different likings and opinions. As a result, during such discussions conflicts will arise. So when my team is presenting plan B to the whole department but I am firmly convinced with plan A as a wiser decision, would I change my opinion or not.
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The author in “Life Isn’t Fair” writes in a direct tone and the reader feels that they should listen to him because of the way he sounds while getting his point across when making the article. The evidence that is shown: “Fair isn’t a standard to be imposed unless a leader is attempting to impose mediocrity”, sounds super straightforward.
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BEC 3701 - Assignments-...
KWAME NKRUMAH UNIVERSITY
TEACHING FOR EXCELLENCE
SCHOOL OF BUSINESS STUDIES
DEPARTMENT OF ECONOMICS AND FINANCE
ADVANCED MICRO-ECONOMICS (BEC 3701)
Assignments
INSTRUCTIONS:
Check instructions below:
LTE
1) Let u(q1,q2) = ln q₁ + q2 be the (direct) utility function, where q₁ and q2the two goods. Denote
P₁ and P2 as the prices of those two goods and let M be per period money income. Derive each of
the following:
a) the ordinary or Marshallian demand functions q₁ = d₂ (P₁, P₂, M) for i = 1,2 [3 Marks]
b) the compensated or Hicksian demand functions q₁ = h₂ (P₁, P2, M) for i = 1,2 [3 Marks]
c) the Indirect Utility Function uº = v(P₁, P2, M) [3 Marks]
d) the Expenditure Function E(P1, P2, U°) [3 Marks]
e) Draw a diagram of the solution. There should be two graphs, one above the other; the
first containing the indifference curves and budget constraint that characterize the
solution to the consumer's choice problem; the second characterizing the demand…
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ESSENTIALS OF BUSINESS...(LL)-TEXT
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