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    Applied microeconomics

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    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?

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    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 ...

    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.