Trying to tackle the question..
State the optimum X, Y and U for U = min(2X,Y) subject to X+2Y=10
The ratio of (2X,Y) is throwing me off completely. I'm not sure how it affects the usual method of doing this. I have provided the steps for this method below. If someone could explain how a different ratio would alter this method I would be very grateful.
e.g. U = min(X,Y) subject to 2X+3Y=10
1 Define a good
Q = min (X, Y)
PQ = Px + PY = 2 + 3 = 5
2 BC for Q is now..
5Q = 10
3 Can afford..
Q = 10/5 = 2
Umax = 2
Need to learn this in time for a test on wednesday. Cheers.
Turn on thread page Beta
Perfect complements utility (fairly urgent) watch
- Thread Starter
- 19-11-2013 00:54
- 20-11-2013 08:21
While you're waiting for an answer, did you know we have 300,000 study resources that could answer your question in TSR's Learn together section?
We have everything from Teacher Marked Essays to Mindmaps and Quizzes to help you with your work. Take a look around.
If you're stuck on how to get started, try creating some resources. It's free to do and can help breakdown tough topics into manageable chunks. Get creating now.
Not sure what all of this is about? Head here to find out more.