User Account

All Pages

Equation for constrained maximization problem

Assignment Help Business Management
Reference no: EM131222793

Suppose Jeffrey's utility depends on the amount of time spent watching You Tube videos (Y) and theamount of time playing video games (V), and his utility function is equal to

U(Y,V) = (3Y^0.2)(V^0.8)

Suppose that Jeffrey has 15 hours of free time to spend on these two activities each day and his goal is tomaximize his utility.

(a) Set up the Lagrangian equation for this constrained maximization problem.

(b) What are the 3 first order conditions (FOC) of optimization from the Lagrangian?

(c) What is the optimal amount of time spent watching You Tube videos (Y) and playing video games(V) each day for Jeffrey?

Reference no: EM131222793

Questions Cloud

Analysis of the current market conditions : You have been given the responsibility of working with your organization's CEO to do a competitive market analysis of the potential success of one of their existing products. Select your organization and a product produced by that organization fro..
Trade or business expense : Which of the following is not a "trade or business" expense? Cole purchased a car for business and personal use. In 2014, he used the car 60% for business (13,000 total use miles) and used the standard mileage rate to calculate his vehicle expenses. ..
Absolute advantage in food production : 1. Which country has an absolute advantage in car production? Which country has an absolute advantage in food production? 2. For the American worker, what is their opportunity cost for producing food? What is their opportunity cost for producing ca..
What alternative explanations for aggression and violence : What is the evidence that TV or film portrayals of violence is linked to real world aggression? Use at least one peer reviewed article or other empirical research to back up your conclusion.
Equation for constrained maximization problem : Suppose that Jeffrey has 15 hours of free time to spend on these two activities each day and his goal is tomaximize his utility. (a) Set up the Lagrangian equation for this constrained maximization problem. (b) What are the 3 first order conditions (..
Evaluate how you will balance being yourself : Identify specific ethical codes, which relate to values. Use ethical codes, as well as peer-reviewed articles, to identify three examples where values, either of the counselor or client, may surface in counseling.
Compensation as a fraction of output : Consider the continuous time version of the Solow growth model : Y (t) =K(t)α(A(t)L(t))1-α If capital share α increase, will the labor compensation as a fraction of output WL/Y must fall? Explain intuitively whether or not this must be the case.
Determining the endogenous growth model : What is the deficiency of the Solow Model with technical progress? How does the endogenous growth model improves on the Solow Model?
We deal in high volume and pass our savings : Some companies advertise: "We deal in high volume and pass our savings on to you in the form of lower prices." Why is this?

Reviews

Write a Review

Business Management Questions & Answers

  Caselet on michael porter’s value chain management

The assignment in management is a two part assignment dealing 1.Theory of function of management. 2. Operations and Controlling.

  Mountain man brewing company

Mountain Man Brewing, a family owned business where Chris Prangel, the son of the president joins. Due to increase in the preference for light beer drinkers, Chris Prangel wants to introduce light beer version in Mountain Man. An analysis into the la..

  Mountain man brewing company

Mountain Man Brewing, a family owned business where Chris Prangel, the son of the president joins. An analysis into the launch of Mountain Man Light over the present Mountain Man Lager.

  Analysis of the case using the doing ethics technique

Analysis of the case using the Doing Ethics Technique (DET). Analysis of the ethical issue(s) from the perspective of an ICT professional, using the ACS Code of  Conduct and properly relating clauses from the ACS Code of Conduct to the ethical issue.

  Affiliations and partnerships

Affiliations and partnerships are frequently used to reach a larger local audience? Which options stand to avail for the Hotel manager and what problems do these pose.

  Innovation-friendly regulations

What influence (if any) can organizations exercise to encourage ‘innovation-friendly' regulations?

  Effect of regional and corporate cultural issues

Present your findings as a group powerpoint with an audio file. In addition individually write up your own conclusions as to the effects of regional cultural issues on the corporate organisational culture of this multinational company as it conducts ..

  Structure of business plan

This assignment shows a structure of business plan. The task is to write a business plane about a Diet Shop.

  Identify the purposes of different types of organisations

Identify the purposes of different types of organisations.

  Entrepreneur case study for analysis

Entrepreneur Case Study for Analysis. Analyze Robin Wolaner's suitability to be an entrepreneur

  Forecasting and business analysis

This problem requires you to apply your cross-sectional analysis skills to a real cross-sectional data set with the goal of answering a specific research question.

  Educational instructional leadership

Prepare a major handout on the key principles of instructional leadership

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd