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August 28, 2014

Homework Help: economics

Posted by Ashaki on Friday, May 11, 2012 at 12:28am.

The owner-manager of Good Guys Enterprises obtains utility from income (profit) and from having the firms behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up the problem and derive the optimization conditions if the owner-manager wishes to obtain a specific level of utility at the lowest possible cost? Do these conditions differ from the utility-maximizing conditions? I do not think the terms are different because the owner is still benefiting by feeling good about what he is doing for others.

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