Elucidate how many rounds of golf also games of curling, Ask an Expert

Economics

Q. Seignior Cruz is married to a rich widow also lives a life of luxury also leisure! He devotes 40 hours every week to golf (G) also curling (C) from which he derives enjoyment according to the utility function:

U(G,C) = G0.5C0.5

It takes Seignior Cruz 4 hours to play a round of golf also 1 hour to play a game of curling.

(a) Elucidate how many rounds of golf also games of curling will Seignior Cruz play in a week?

(b) Give an economic interpretation for the value of the Lagrangian Multiplier.

(c) By approximately Elucidate how much will Seignior Cruz's utility change if, starting immediately, his wife insists that he spends one hour less on athletic activities every week? (We are making the bold assumption here that playing golf or curling is athletic!)

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9170715

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