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Intermediate Theory Price and Distribution

by: Erna Gislason

Intermediate Theory Price and Distribution ECON 410

Marketplace > University of North Carolina - Chapel Hill > Economcs > ECON 410 > Intermediate Theory Price and Distribution
Erna Gislason
GPA 3.63

Lauren Raymer

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Lauren Raymer
Class Notes
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This 1 page Class Notes was uploaded by Erna Gislason on Sunday October 25, 2015. The Class Notes belongs to ECON 410 at University of North Carolina - Chapel Hill taught by Lauren Raymer in Fall. Since its upload, it has received 147 views. For similar materials see /class/228688/econ-410-university-of-north-carolina-chapel-hill in Economcs at University of North Carolina - Chapel Hill.


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Date Created: 10/25/15
Utility Maximization Practice The answers to this problem will be discussed in class on Wednesday September 12 Though your work will not be graded please come prepared to discuss your answers with each other Cartman has 2000 a month to spend on cheesypoofs C and videogames G The price of cheesypoofs is 100 and the price of videogames is 400 Cartman s utility function is given by U C C02G08 1 What is Cartman s budget constraint 2 Set up Cartman s utility maximization problem and write the Lagrangian for the problem Why is it written this way 3 Find the firstorder conditions for the Lagrangian by taking partial derivatives 4 Solve the firstorder conditions to find out how many cheesypoofs and videogames Cartman will consume each month U1 At the optimal quantities what is the marginal utility of cheesypoofs Videogames Hints To see an example of a similar problem check out pages 148149 of your text Don t worry if you can t solve every part of this problem at first just give it your best shot We ll work through it systematically together but the more you can accomplish on your own the better you ll understand our work together in class


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