Chapter 2: Problem 6
Suppose that \(f(x, y)=x y .\) Find the maximum value for \(f\) if \(x\) and \(y\) are constrained to sum to \(1 .\) Solve this problem in two ways: by substitution and by using the Langrangian multiplier method.
Chapter 2: Problem 6
Suppose that \(f(x, y)=x y .\) Find the maximum value for \(f\) if \(x\) and \(y\) are constrained to sum to \(1 .\) Solve this problem in two ways: by substitution and by using the Langrangian multiplier method.
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Get started for freeSuppose a firm's total revenues depend on the amount produced ( \(q\) ) according to the function \\[ T R=70 q-q^{2} \\] Total costs also depend on \(q:\) \\[ T C=q^{2}+30 q+100 \\] a. What level of output should the firm produce in order to maximize profits \((T R-T C) ?\) What will profits be? b. Show that the second-order conditions for a maximum are satisfied at the output level found in part (a). c. Does the solution calculated here obey the "marginal revenue equals marginal cost" rule? Explain.
The height of a ball \(t\) seconds after it is thrown straight up is \(-1 / 2 g t^{2}+40 t\) (where \(g\) is the acceleration due to gravity). a. If \(g=32\) (as on the earth), when does the ball reach a maximum height? What is that height? b. If \(g=5.5\) (as on the moon), when does the ball reach a maximum height and what is that height? Can you explain the reasons for the difference between this answer and the answer for part (a)? c. In general, develop an expression for the change in maximum height for a unit change in \(g .\) Explain why this value depends implicitly on the value of \(g\) itself.
Suppose \(U=(x, y)=4 x^{2}+3 y^{2}\) a. \(\quad\) Calculate \(\partial U / \partial x, \partial U / \partial y\) b. Evaluate these partial derivatives at \(x=1, y=2\) c. Write the total differential for \(U\) d. Calculate \(d y / d x\) for \(d U=0\) - that is, what is the implied trade-off between \(x\) and \(y\) holding \(U\) constant? e. Show \(U=16\) when \(x=1, y=2\) f. In what ratio must \(x\) and \(y\) change to hold \(U\) constant at 16 for movements away from \(x=1, y=2 ?\) g. More generally, what is the shape of the \(U=16\) contour line for this function? What is the slope of that line?
If we cut four congruent squares out of the corners of a square piece of cardboard 12 inches on a side, we can fold up the four remaining flaps to obtain a tray without a top. What size squares should be cut in order to maximize the volume of the tray? (See figure.)
For each of the following functions of one variable, determine all local maxima and minima and indicate points of inflection (where \(f^{\prime \prime}=0\) ): a. \(f(x)=4 x^{3}-12 x\) b. \(f(x)=4 x-x^{2}\) c. \(f(x)=x^{3}\)
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