What interpretation would give to the lagrangian multiplier

Reference no: EM13245973

In a particular region, there are two lakes rich in fish. The quantity of fish caught in each lake depends on the number of persons who fish in each according to

Q1 = 15 N1- 0.5 N12 and Q2 = 8 N2 - 0.2 N22

where N1 and N2 denote the # of fishers at each lake.

In all there are 28 fishers, i.e. N1 + N2 = 28.

(a) Suppose N1 = 16 and N2 = 12. At which lake is the average catch per fisher greater? In light of this fact, how would you expect the fishers to redeploy themselves?

(b) How many fishers will settle at each lake?

(c) The Department of Fisheries seeks a division of fishers that will maximize the total catch at the two lakes. What division of the 28 fishers would you recommend to the Department?

(d) What interpretation would you give to the Lagrangian multiplie, λ?

Reference no: EM13245973

Questions Cloud

A perfectly competitive industry is initially in a short-run : A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits but are operating below their minimum

Considering the correlation of a company to the economy : Considering the correlation of a company to the economy which would you chose: A company positively, negatively, or not correlated?

How much is the change in potential energy of electron : An electron is accelerated from rest through a uniform electric field of 4000 V/m. How much is the change of potential energy of this electron

Estimate for the proportion of people preferring model : What is the point estimate for the proportion of people preferring model B, write suitable null and alternative hypotheses in words and symbols for this problem.

What interpretation would give to the lagrangian multiplier : In a particular region, there are two lakes rich in fish. The quantity of fish caught in each lake depends on the number of persons who fish in each according to Q1 = 15 N1- 0.5 N12 and Q2 = 8 N2 - 0.2 N22 where N1 and N2 denote the # ..

Discuss the definition of trade dress. discuss the elements : What is "trade dress"? What is the major factor in cases involving trade dress infringement? Does that factor exist in this case? Justify your answers using information from your reading and be sure to

What is the value of the resistor : The potential difference between the ends of a resistor is 9 V and the rate of energy dissipation in it is 18 W. What is the value of that resistor

Show the price and quantity combinations favored by each : Larry, Curly and Moe run the only saloon in town. Larry wants to sell as many drinks as possible without losing money. Curly wants the saloon to bring in as much revenue as possible. Moe wants to make the largest possible profits.

What is firms total cost equal to if fulfils the contract : Suppose a firm produces widgets on two assembly lines and operates with the following Total Cost function: TC = 3x*2 + 6y*2 - xy Where x represents the number of widgets produced on one assembly line and y the production on the second.

User Account

All Pages