Question
1. the utility function ???? = 9????(???? 5). Consider only ???? > 0 and ???? > 5 to keep things simple. Assume there are only
1. the utility function ???? = 9????(???? 5). Consider only ???? > 0 and ???? > 5 to keep things simple. Assume there are only interior solutions to the optimization problems (which will be the case) so you do not have to impose the ???? > 0 and ???? > 5 retrictions in the optimization. 1a. Write out the Lagrangian function that one would use to solve the consumer's expenditure minimization problem. Use the Lagrangian to derive the first order conditions for an interior solution to the consumer's expenditure minimization problem. Show your work.
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