On a given evening, J. P. enjoys the consumption of cigars (c) and brandy (b) according to the function U(c, b) = 20c− c²+ 18b − 3b² a. How many cigars and glasses of brandy does he consume during an evening? (Cost is no object to J. P.) b. Lately, however, J. P. has been advised by his doctors that he should limit the sum of glasses of brandy and cigars consumed to 5. How many glasses of brandy and cigars will he consume under these circumstances?
On a given evening, J. P. enjoys the consumption of cigars (c) and brandy (b) according to the function U(c, b) = 20c− c²+ 18b − 3b² a. How many cigars and glasses of brandy does he consume during an evening? (Cost is no object to J. P.) b. Lately, however, J. P. has been advised by his doctors that he should limit the sum of glasses of brandy and cigars consumed to 5. How many glasses of brandy and cigars will he consume under these circumstances?
Chapter4: Utility Maximization And Choice
Section: Chapter Questions
Problem 4.3P
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On a given evening, J. P. enjoys the consumption of cigars (c) and brandy (b) according to
the function
U(c, b) = 20c− c²+ 18b − 3b²
a. How many cigars and glasses of brandy does he consume during an evening? (Cost is
no object to J. P.)
b. Lately, however, J. P. has been advised by his doctors that he should limit the sum of
glasses of brandy and cigars consumed to 5. How many glasses of brandy and cigars
will he consume under these circumstances?
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