Calculus: Lagrange multiplier and production/utility function
costs him around 40 dollars. Suppose that the utility derived by him from 3 many lunchesand d many dinners in a month is given by the utility function U(E, d) = 101050104. (a) (8 pts) Assuming that Brian has 800 dollars a month in total to spend on eating out,how many lunches and dinners should he buy to maximize his utility? Use the method of Lagrange multipliers. (b) (1 pts) What is the interpretation of A in this context? (You do not need to computeA.) (c) (8 pts) Imagine that Brian doesn’t care about money but he wants to eat out exactly20 times a month (including lunches and dinners). How should he distribute his eatingout among lunches and dinners to maximize his utility? Use the method of Lagrangemultipliers. (d) (1 pt) What is the interpretation of A in this context? (You do not need to compute A.) 2. Brian spends around 20 dollars if he goes out for lunch with coworkers. A dinner with friendscosts him around 40 dollars. Suppose that the utility derived by him from 3 many lunchesand d many dinners in a month is given by the utility function U(E, d) = 101050104. (a) (8 pts) Assuming that Brian has 800 dollars a month in total to spend on eating out,how many lunches and dinners should he buy to maximize his utility? Use the method of Lagrange multipliers. (b) (1 pts) What is the interpretation of A in this context? (You do not need to computeA.) (c) (8 pts) Imagine that Brian doesn’t care about money but he wants to eat out exactly20 times a month (including lunches and dinners). How should he distribute his eatingout among lunches and dinners to maximize his utility? Use the method of Lagrangemultipliers. (d) (1 pt) What is the interpretation of A in this context? (You do not need to compute A.)
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