4. Suppose the utility function of one commodity is given as u = f(4x³-20x2 +15x+100), the price of commodity x is bir 5, then calculate the utility maximizing level of commodity? 5. Suppose the production f. ction is given as Q = f(56L²-12L+ k²+ 400), where the value K-5 unit, then calculate clasticity input at total output maximizing level of input? 6. In short run, why the average and marginal costs are "U" shaped? 7. There is an argument that increase GDP is not real measure of wellbeing, why? 8. Consider an economy that produces and consumes flour, food oil and wheat. Data for tw Different years 2015 and 020 is given in the following table. Year Price of flour per K.g Price of wheat Per K.g By Economics staffs 2010 Birr 30 Birr 20 2020 Birr 60 Birr 45
