Utility Maximizer. See attached file for full problem description.© BrainMass Inc. brainmass.com October 24, 2018, 8:34 pm ad1c9bdddf
Please see the attached file.
The average online user's objective function is:
Max U = Uc + Ub = Bc*Tc3/4 + Bb*Tb3/4
where subscripts "c" for communication and "b" for browsing.
The constraint is Tc + Tb = 2.5
Then the lagrangian function is:
L= Bc*Tc3/4 + Bb*Tb3/4 + λ(2.5 - Tc - Tb)
The first order condition is:
(1) dL / dTc = 3/4 Bc Tc-1/4 - λ = 0 or 3/4 Bc Tc-1/4 = ...
The average online user's objective function is featured. Utility maximizer descriptions are determined.
Qualitative Analysis for Management
Solving real world complex problems using either traditional optimization techniques or modern heuristic techniques would make interesting work.
What do the terms heuristic and optimization (or optimal) mean?
What is a quantitative application for each? Some independent research is needed.
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Don't hesitate to use outside sources in addressing questions in this course, and apply your understanding as it relates to your prior knowledge and experience where appropriate.