Any Econ students/grads remember anything about Constrained Utility Bundles?

[sm0ke]

I'm decent with calculus, and I have good instincts when it comes to Economics/Business, but my terrible math fundamentals are coming back to haunt me this quarter. I have a Constrained Utility Maximization problem and I can't get the numbers to work. I'm getting negative exponents and fukked up fractions all over the place and I didn't get the basic education I should have to deal with this shyt.

Anyone care to help?

 

[Gallo]

I'm decent with calculus, and I have good instincts when it comes to Economics/Business, but my terrible math fundamentals are coming back to haunt me this quarter. I have a Constrained Utility Maximization problem and I can't get the numbers to work. I'm getting negative exponents and fukked up fractions all over the place and I didn't get the basic education I should have to deal with this shyt.

Anyone care to help?

Message me.

 

[VerbalIntercourse]

write out the utility function and the constraint function.

Maybe i can help, but it has been a long time.

how many variables?

 

[sm0ke]

write out the utility function and the constraint function.

Maybe i can help, but it has been a long time.

how many variables?

U(c,m)=[(2c^1/2) + (2m^1/2)]^2

72 = 6c + 3m

first question asks me to find, assuming m is on the vertical axis, the Marginal Rate of Substitution and Marginal Rate of Transformation

 

[sm0ke]

maaan my bad, don't even listen to that ^^^

I forgot which problem I made this thread for, and now I remember that it was on the online portion of my homework.

UTILITY FUNCTION: U(x,z)=(100x^.08)(z^0.2)
CONSTRAINT: 1200 = 2x+4z

I gotta maximize THAT. I'm getting weird numbers. I got to 8x^4 = 1/z^4 and

 

[sm0ke]

BUT if anyone wants to help with that first question, that would be cool too

 

[sm0ke]

Figured out the second question. X* = 480 and Z* = 60... had to use an algebra calculator online 'cause I can't do fractions with exponents for nothing.

That first question remains unanswered, however.

 

[Type Username Here]

I'm not an Econ student so I don't understand what is being asked.

Do you need to take the integral or derivative of the first question?

 

[sm0ke]

I'm not an Econ student so I don't understand what is being asked.

Do you need to take the integral or derivative of the first question?

I need to take the partial derivative of C and of M, then take a ratio of those two numbers. I don't think I do the chain rule here, because I'm not taking a total derivative, and also, can't I just distribute the exponent 2 and negate the two 1/2 exponents before I take any derivatives?

 

[Type Username Here]

I need to take the partial derivative of C and of M, then take a ratio of those two numbers. I don't think I do the chain rule here, because I'm not taking a total derivative, and also, can't I just distribute the exponent 2 and negate the two 1/2 exponents before I take any derivatives?

Is it the square root of 2C or is it 2*Squareroot of C?

 

[sm0ke]

Is it the square root of 2C or is it 2*Squareroot of C?

Just going by order of operations, I'd say 2*sqrt(c)

 

[VerbalIntercourse]

I remember being stumped on a problem like this because exponents. Then I remembered basic algebra and simplifying expressions.

The exponents usual add-up to a non-fractional exponent in these problems.

 

[dtownreppin214]

dapped everyone in the thread simply for helping the OP out. good to see shyt like this and know this site doesn't have to be tomfoolery 24/7.

 

[AgentGrey]

Im a freshman
I'll probably be deep in this thread next semester tho,
so subs for future reference.

 

[VerbalIntercourse]

Im a freshman
I'll probably be deep in this thread next semester tho,
so subs for future reference.

multivariable calculus is what is needed here.

Have a solid foundation on partial derivation.

It get's more complicated as more variables are introduced, college algebra (expressions in matrices) and differential equations are needed.