8) Mark derives utility from watching movies and from playing computer games according to the utility function U(c, m) = 6c¹/³m¹/2, where c is the number of hours he plays games and m is the number of hours he watches movies. He has 15 hours per day to divide between these two activities. Write down Mark's constrained utility maximization problem and his Lagrangian function. Derive the first order conditions and find the candidate solution (c*, m*).

8) Mark derives utility from watching movies and from playing computer games according to the utility function U(c, m) = 6c¹/³m¹/2, where c is the number of hours he plays games and m is the number of hours he watches movies. He has 15 hours per day to divide between these two activities. Write down Mark's constrained utility maximization problem and his Lagrangian function. Derive the first order conditions and find the candidate solution (c, m).

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter2: Mathematics For Microeconomics

Section: Chapter Questions

Problem 2.7P

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