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October 23, 2014

Homework Help: home economics

Posted by Anonymous on Friday, July 30, 2010 at 12:59pm.

The owner-manager of Good Guys enterprises obtains utility from income (profit) and from having the firm behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up a problem and derive the optimization conditions if the owner-manager wishes to obtain a specific level of utility at the lowest possible cost? Do these conditions differ from the utility-maximizing conditions?

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