Business, 23.09.2019 21:10 Baby010391

Aconsumer can decide a quantity of marijuana to consume, x. marijuana has a price of p. moreover, using more marijuana increases the likelihood of being stopped by the police, which happens with probability px. utility is quasilinear in money y spent on all other goods, and equals , y) = 100 log x − + y, where measures how harsh the consequences of an arrest are. a) find the optimal level of marijuana consumption. b) what is the effect of increasing the likelihood of arr

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Aconsumer can decide a quantity of marijuana to consume, x. marijuana has a price of p. moreover, us...

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