{"id":559,"date":"2024-04-20T15:46:41","date_gmt":"2024-04-20T15:46:41","guid":{"rendered":"https:\/\/pages.charlotte.edu\/probability-seminar\/?p=559"},"modified":"2024-09-14T21:44:08","modified_gmt":"2024-09-14T21:44:08","slug":"wed-april-24-2023-at-515pm-in-fretwell-379-math-conference-room","status":"publish","type":"post","link":"https:\/\/pages.charlotte.edu\/probability-seminar\/blog\/2024\/04\/20\/wed-april-24-2023-at-515pm-in-fretwell-379-math-conference-room\/","title":{"rendered":"Wed April 24, 2024 at 5:15PM in Fretwell 379 (Math Conference Room)"},"content":{"rendered":"\n<p><a href=\"https:\/\/webpages.charlotte.edu\/imsonin\/\">Isaac Sonin<\/a>, UNC Charlotte<\/p>\n\n\n\n<p><em>Title:\u00a0<\/em>Water Puzzle and Marginal Utility Optimization<\/p>\n\n\n\n<p>Abstract. There are two cups of tea on a table, each with a two-unit capacity. Cup 1 has one unit of tea at 80% concentration, and cup 2 has one unit with\u00a025% concentration.\u00a0You have one unit of hot water in your own cup, which you should distribute between these two cups, say volume\u00a0 x into cup 1 and the rest, i.e., 1-x, into cup 2. After that, the volume x is returned to you from cup 1, and the volume 1-x from cup 2, i.e., you get back one unit in total. Now you are ready to drink your tea. The question is, what should be the value of x such that your tea is as strong as possible? Is x=1 or x&lt;1? Strangely enough, this simple problem leads to the maximization problem with a transparent socio-economic interpretation, related to so-called marginal utility,\u00a0one of the fundamental\u00a0concepts\u00a0in Economics. Calculus\u00a01 is the only prerequisite\u00a0for this talk.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Isaac Sonin, UNC Charlotte Title:\u00a0Water Puzzle and Marginal Utility Optimization Abstract. There are two cups of tea on a table, each with a two-unit capacity. Cup 1 has one unit of tea at 80% concentration, and cup 2 has one unit with\u00a025% concentration.\u00a0You have one unit of hot water in your own cup, which you [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-559","post","type-post","status-publish","format-standard","hentry","category-probability_seminar"],"_links":{"self":[{"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/posts\/559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/comments?post=559"}],"version-history":[{"count":3,"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/posts\/559\/revisions"}],"predecessor-version":[{"id":571,"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/posts\/559\/revisions\/571"}],"wp:attachment":[{"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/media?parent=559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/categories?post=559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/tags?post=559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}