SMART MIND

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Took from Calculus for economics final exam AAU

For calculus

5.A person's satisfaction (or utility) from playing tennis and golf is given by U= log(G)+ 3log (T), where G is the number of hours spent playing golf and T is the number of hours spent playing tennis. This person has 10 hours per week to devote to these sports. However, each hour of playing tennis typically entails one hour of waiting for an empty court, thus using up twice the time of actual play. A). Express this person's time constraint in equation B). What is the Lagrangian expression of this constrained maximization problem? C). Using the Lagrangian expression in (B), find out the satisfaction (or utility) maximizing choice of time to play golf and tennis. D). Interpret the Lagrange multiplier?

Kotobe University psychology fetena