Maximize each of the following utility functions, with the cost of each commodity and total amount available
Question:
Maximize each of the following utility functions, with the cost of each commodity and total amount available to spend given.
ƒ(x, y) = x2y3, cost of a unit of x is $2, cost of a unit of y is $1, and $80 is available.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 92% (13 reviews)
Maximize f x y x 2 y 3 subject to 2x y 80 Solve the first two equations for and eliminate If ...View the full answer
Answered By
Divya Munir
I hold M.Sc and M.Phil degrees in mathematics from CCS University, India and also have a MS degree in information management from Asian institute of technology, Bangkok, Thailand. I have worked at a international school in Bangkok as a IT teacher. Presently, I am working from home as a online Math/Statistics tutor. I have more than 10 years of online tutoring experience. My students have always excelled in their studies.
4.90+
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Mathematics questions
-
Maximize each of the following utility functions, with the cost of each commodity and total amount available to spend given. (x, y) = x 5 y 2 , cost of a unit of x is $10, cost of a unit of y is $6,...
-
Maximize each of the following utility functions, with the cost of each commodity and total amount available to spend given. (x, y) = xy 3 , cost of a unit of x is $2, cost of a unit of y is $4, and...
-
Maximize each of the following utility functions, with the cost of each commodity and total amount available to spend given. (x, y) = x 3 y 4 , cost of a unit of x is $3, cost of a unit of y is $3,...
-
You're pretty sure that your candidate for class president has about 55% of the votes in the entire school. But you're worried that only 100 students will show up to vote. How often will the underdog...
-
What are the major advantages and disadvantages of an integrative strategy?
-
Davids Landscaping has collected data on home values (in thousands of $) and expenditures (in thousands of $) on landscaping with the hope of developing a predictive model to help marketing to...
-
Thomas and James, who were operating separate competing businesses, decided on 1 July 2025 to form a partnership by contributing cash, assets and liabilities of their respective businesses. At that...
-
On January 4, 2014, Penman Company purchased 124,000 shares of Hi Energy Company directly from one of the founders for a price of $44 per share. Hi Energy has 400,000 shares outstanding, including...
-
12.Indicate, by clicking on the relevant boxes, whether the following statements are true or false?
-
Figures (a)(f) on the next page show the graphs of the functions defined in Exercises. Find all relative extrema for each function, and then match the equation to its graph. (a) (b) (c) (d) (e) (f) 1...
-
Match each equation in Exercises with its graph in (a)(f) below and in the next column. z 2 - y 2 - x 2 = 1 (a) (b) (c) (d) (e) (f) N Z
-
A company has installed new machinery that will produce a savings rate (in thousands of dollars per year) of S(x) = 225 - x 2 , where x is the number of years the machinery is to be used. The rate of...
-
List and explain 4 characteristics of a bond that are attractive to investors.
-
A bank uses 5 digit PINs (e.g. 04565). Assume all combinations are equally likely. What is the probability of guessing somebody's PIN on a single attempt
-
Let S be the sample space when a fair 6-sided die is rolled twice. Define a random variable X as follows: X=x-y], x= outcome from the 1st roll, y = outcome from the second roll. Then X is a random...
-
Consider the partnership game analyzed in this chapter, but assume that c <0. Graph the players' best-response functions for this case, and explain how they differ from those in the original model....
-
How to calculate the ratio Analysis (liquidity, leverage, activity, profitability, coverage ratios) for income statement, balance sheet and cash flow statements for Nike 2020,2019 & Pepsico 2019,2018?
-
What are the main purposes of sales promotion?
-
Recall that Chapter 8 described the binary search algorithm for finding a particular entry in an ordered list. The idea behind binary search is to begin looking in the exact center of the list. If...
-
In Exercises 35 through 42, solve the given equation for n. (Assume a > 0 and a 1.) a 5 /a 2 = a n
-
In Exercises 29 through 58, factor the given polynomial using integer coefficients. 3x 2 x 14
-
In Exercises 35 through 42, solve the given equation for n. (Assume a > 0 and a 1.) a 3 a 7 = a n
-
Suppose you take out a mortgage so you can buy a house. The loan is for $100,000 at 6% interest for 30 years. The bank has calculated your payment to be $599.55 per month. (Note: This is the payment...
-
(4) Suppose you decide before buying the car that you can't afford the monthly payment you calculated in Question 3(a), so you take out the same $16,000 loan with an interest rate of 6%, but now with...
-
Compare and contrast the study of consumer behaviour from the viewpoints of consumer lifestyles and consumer demographics.
Study smarter with the SolutionInn App