Every evening jp enjoys smoking cigars c and drinking, Ask an Expert

Economics

Every evening, J.P. enjoys smoking cigars (c) and drinking brandy (b), according to the function:

U(b, c) = 20c – c 2 + 18b - 3b 2.

(a) How many cigars and brandy does he consume per night? (Money is no object!)

(b) What if J.P.'s doctor tells him that he should limit his consumption of (the sum of) cigars and brandy to 5 per night. If he follows this advice, how many glasses of brandy and cigars will he now consume?

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91232087

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question tori is planning to buy a car the maximum payment

Question: TORI is planning to buy a car. the maximum payment she can make is $3400 per year, and she can get a car loan at her credit union for 7% interest. assume her payments will be made at the end of each year 1-4. o ...

Question armed conflicts and wars cause destruction of

Question: Armed conflicts and wars cause destruction of infrastructures, businesses, and mass displacement of population. Use Aggregate Demand/Aggregate Supply (AD/AS) model to depict the impact of armed conflicts on the ...

Question southern california edisons prices service quality

Question: Southern California Edison's prices, service quality, and investments in new facilities are pervasively regulated by governments under long-standing rules. Do you expect that a given decision will be made at a ...

Question an economy has a saving rate of s 08 a

Question: An economy has a saving rate of s= .08, a depreciation rate of .02, a population growth rate of n= .03, and a growth rate of effective labor of g= .05. a. the capital-output ratio, k/y, for this economy is: b. ...

Question calculate the simple multiplier if the marginal

Question: Calculate the simple multiplier if the marginal propensity to consume is 0.4, investment rises $0.05 for every $1 billion increase in income, and net exports decline $0.08 for every $1 billion increase in incom ...

Question new york state is one of the largest states in the

Question: New York state is one of the largest states in the nation, but most of it comprises farmland. New York state is the 3rd largest dairy producer in the nation and competes for the top spots in Apple production an ...

Question you can choose between machine a or b your

Question: You can choose between Machine A or B. Your interest rate is 6%. You need a Machine for an infinite time. a. Machine A costs $22,000 and lasts for 3 years. It has no salvage value and costs an additional $15,00 ...

Question if your receive 500 in simple interest on a loan

Question: If your receive $500 in simple interest on a loan that you made for $10,000 for 5 years, what was the interest rate you charged? The response must be typed, single spaced, must be in times new roman font (size ...

Question please follow directions and label answerssuppose

Question: PLEASE FOLLOW DIRECTIONS AND LABEL ANSWERS!!!!! Suppose that a firm's production function is given by q = 20E0.50 .The marginal product of labor is 10/E0.50. The market wage for whites is $15, and the market wa ...

Question a quasi-option value question imagine that the net

Question: A Quasi-option value question: Imagine that the net present value of a hydroelectric plant with a life of 75 years is $24 million and that the net present value of a thermal electric plant with a life of 40 yea ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert