Mark's Utility Function Over Football Tickets (F) and Baseball Tickets

question 40

Essay

Mark's utility function over football tickets (F) and baseball tickets (B) can be expressed as U(F,B) = F + 5B.
a. Use calculus to argue whether Mark's preferences also can be represented by U(F,B) = 5FB.
b. If Mark's utility function is U(F,B) = F + 5B, is the Lagrangian approach an appropriate way to solve for his optimal quantities? Explain why or why not.
c. If Mark's utility function is U(F,B) = 5FB, is the Lagrangian approach an appropriate way to solve for his optimal quantities? Explain why or why not.

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Definitions:

Freud

Sigmund Freud, the founder of psychoanalysis, known for his theories of the unconscious mind, the development of sexuality, and dream symbolism.

Unconscious

The part of the mind that is inaccessible to the conscious mind but affects behaviors and emotions.

Superego

In psychoanalytic theory, the part of the personality that represents internalized ideals, morals, and conscience, guiding behavior in accordance with societal norms.

Unconscious

A part of the mind that houses desires, memories, and thoughts not within the awareness of the conscious mind.