Joan is on summer break and spends most of her time either playing video games or browsing the internet. Her utility function is U(q1; q2) = 3q0:2 1…

Joan is on summer break and spends most of her time either playing video games

or browsing the internet. Her utility function is U(q1; q2) = 3q0:2

1 q0:8

2 , where q1 represents the

hours spent browsing the internet and q2 hours playing video games. Joan does not have a budget

constraint but she has 15 hours to spend on both activities.

(a) (5 points) Write the equation for one of Joan’s indifference curves when the level of utility is

equal to 100.

(b) (5 points) Write Joan’s time constraint.

(c) (10 points) Find the amount of hours that Joan will spend on each activity that maximizes her

utility and satisfies her time constraint. Use either the substitution or Lagrangian method.

(d) (5 points) Can Joan afford any bundle that yields a utility of 50? Explain.

(e) (5 points) How does Joan’s optimum amount of time spent on each activity change if her

utility function is U(q1; q2) = 5ln(3) + ln(q1) + 4ln(q2)?

Show more

Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 10% with the coupon code: best10