QUESTION 8 The optimal amount of x1, x2, P1, P2 and income are given by the following: 4/ 21 X₂-6P₂ X1- 6P1 The original

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QUESTION 8 The optimal amount of x1, x2, P1, P2 and income are given by the following: 4/ 21 X₂-6P₂ X1- 6P1 The original

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QUESTION 8 The optimal amount of x1, x2, P1, P2 and income are given by the following: 4/ 21 X₂-6P₂ X1- 6P1 The original prices are: P1=23 P2=40 The original income is: 1=2825 The new price of P₁ is the following: P1'=81 Assume that the price of x₁ has changed from P1 to P1'. What is the total change in the quantity consumed of x1?
QUESTION 9 Belfast Company produces bicycles using labor (L) and capital (K). Its production function is given by the following expression: Q=min{ 86 L, 32 K} where Q is the output of bicycles. The prices of labor (PL), capital (PK), bycicle (P) and the cost (C) are the following: PL-27, PK-76, P=47 and C =2943 What is the amount of maximized profits?
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