Suppose that a consumer has an income of 24and a utility, Econometrics

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Suppose that a consumer has an income of 24and a utility

Suppose that a consumer has an income of $24and a utility function given by: U = 2*log(x) + log(y). The priceof x is $2 and the price of y is $2.

A) Write down the Lagrangean for this consumer's maximizationproblem. (Use "L" to denote the Lagrangean function and "m" todenote the Lagrange multiplier.)

B) What is the optimal consumption level of x?

C) What is the value of the Lagrange multiplier (m) at the optimal consumption bundle?

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Econometrics: Suppose that a consumer has an income of 24and a utility

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Econometrics: Suppose that a consumer has an income of 24and a utility

Reference No:- TGS0582361

Have a Question? (oR Write a Review)

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Request for Solution File

Ask an Expert for Answer!!

Econometrics: Suppose that a consumer has an income of 24and a utility

Reference No:- TGS0582361

Recent Questions Asked Econometrics

Q : Discuss which of the 10 surprising facts about money

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