You choose how much time a day to devote to sleeping (s) and fun (f). Suppose...

  

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You choose how much time a day to devote to sleeping (s) and fun (f). Suppose you get Si fi utility, which you seek to maximise. However, you face two major restrictions: there are only 24 hours in a day, and you read somewhere that it is essential to get at least 0.75 hours of sleep every day. In the case where both inequality constraints hold with strict equality, what is the value of the multiplier attached to the second constraint? (Round to two decimal places.) Your Answer: Question In the case where both restrictions hold with strict inequality, what's the state of critical points? There is no critical point because there is no way to satisfy the first order conditions. There is no critical point because the complementarity slackness check isn't passed. There is no critical point because there is no way to satisfy the constraints. There is at least one critical point. Question In the case where the first restriction holds with strict equality but the second with strict inequality, what is the state of critical points? There are no critical points because it is impossible to satisfy the first order conditions. There are no critical points because it is impossible to satisfy the constraints. There are no critical points because the complementary slackness conditions are not passed. There is at least one valid critical point. Question In the case where the first restriction holds with strict inequality but the second with strict equality, what is the state of critical points? There is no critical point because the complementarity slackness checks are not passed. There is at least one valid critical point.. There is no critical point because there is no way to satisfy the constraints. There is no critical point because there is no way to satisfy the first order conditions. Question What is the maximised value conditional on the two constraints? (Round to two decimal points.) Your Answer: Question What best describes the optimal choice with division of time? Sleep more than the bare minimum, and spend no hours of the day on fun. Sleep the bare minimum, and spend some but not all other hours of the day on fun. Sleep more than the bare minimum, and spend some but not all other hours of the day on fun. O Sleep the bare minimum, and spend all other hours of the day on fun. Sleep the bare minimum, and spend no hours of the day on fun. Sleep more than the bare minimum, and spend all other hours of the day on fun. You choose how much time a day to devote to sleeping (s) and fun (f). Suppose you get Si fi utility, which you seek to maximise. However, you face two major restrictions: there are only 24 hours in a day, and you read somewhere that it is essential to get at least 0.75 hours of sleep every day. In the case where both inequality constraints hold with strict equality, what is the value of the multiplier attached to the second constraint? (Round to two decimal places.) Your Answer: Question In the case where both restrictions hold with strict inequality, what's the state of critical points? There is no critical point because there is no way to satisfy the first order conditions. There is no critical point because the complementarity slackness check isn't passed. There is no critical point because there is no way to satisfy the constraints. There is at least one critical point. Question In the case where the first restriction holds with strict equality but the second with strict inequality, what is the state of critical points? There are no critical points because it is impossible to satisfy the first order conditions. There are no critical points because it is impossible to satisfy the constraints. There are no critical points because the complementary slackness conditions are not passed. There is at least one valid critical point. Question In the case where the first restriction holds with strict inequality but the second with strict equality, what is the state of critical points? There is no critical point because the complementarity slackness checks are not passed. There is at least one valid critical point.. There is no critical point because there is no way to satisfy the constraints. There is no critical point because there is no way to satisfy the first order conditions. Question What is the maximised value conditional on the two constraints? (Round to two decimal points.) Your Answer: Question What best describes the optimal choice with division of time? Sleep more than the bare minimum, and spend no hours of the day on fun. Sleep the bare minimum, and spend some but not all other hours of the day on fun. Sleep more than the bare minimum, and spend some but not all other hours of the day on fun. O Sleep the bare minimum, and spend all other hours of the day on fun. Sleep the bare minimum, and spend no hours of the day on fun. Sleep more than the bare minimum, and spend all other hours of the day on fun.

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The detailed answer for the above question is provided below Answer 1 In the case where both inequality constraints hold with strict equality the valu... View the full answer