# Applied microeconomics

Not what you're looking for?

A. How much time should be spent studying for each class? That is, maximize GPA by determining E* and U* subject to the 12 hour study time constraint.

b. Did this allocation of study time maximize or minimize your GPA?

##### Purchase this Solution

##### Solution Summary

The solution clearly explains how much time should be spent studying for each class given the study time as the time constraint. Lagrangean concepts are used to come to the right answer. The math is clear and step by step solution is shown which makes it easy for any student to understand the answer. Overall, an excellent response to the question being asked.

##### Solution Preview

a) To maximize GPA in subject to E+U=12

The Lagrangean function is: L = 2/3[E^(1/2)+(2U)^(1/2)]- k (E+U-12)

First Order Condition:

dL/dE = 2/3*1/2*E^(-1/2)-k = 0 or ...

##### Purchase this Solution

##### Free BrainMass Quizzes

##### Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

##### Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

##### Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

##### Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

##### Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.