Set derivatives of the lagrange equal to zero, Microeconomics

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Set derivatives of the lagrange equal to zero

Luigi has utility function U=5XY. His income is 100, the price of X is 5 and the price of Y is 2.

a. What is the budget constraint?
b. What is the Lagrange function?
c. Take the derivatives of the Lagrange and set them equal to zero.
d. What is the demand of X and Y (as a function of Px and Py?) Make sure to show your algebra.

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Microeconomics: Set derivatives of the lagrange equal to zero

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Microeconomics: Set derivatives of the lagrange equal to zero

Reference No:- TGS068702

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Recent Questions Asked Microeconomics

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Microeconomics: Set derivatives of the lagrange equal to zero

Reference No:- TGS068702

Recent Questions Asked Microeconomics

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