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Mark's utility function over dance show tickets (D) and baseball game tickets (B) can be expressed as U(D,B) = D + 5B.
a. Use calculus to argue whether Mark's preferences also can be represented by U(D,B) = 5DB.
b. If Mark's utility function is U(D,B) = D + 5B , is the Lagrangian approach an appropriate way to solve for his optimal quantities?
c. If Mark's utility function is U(D,B) = 5DB, is the Lagrangian approach an appropriate way to solve for his optimal quantities?
Commission Rate
The percentage or fixed payment associated with a transaction or sale that is given to the intermediary or salesperson.
Commission Rate
The percentage of a sale price that is paid to the salesperson as a reward for making the sale or dealing.
Freight
Goods transported in bulk by truck, train, ship, or airplane.
Net Proceeds
The amount of money received from a transaction after all costs and expenses have been paid.
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