a)Utility function of Mr. Alex is given by Find the optimal quantities of the two commodities (X
Fantastic news! We've Found the answer you've been seeking!
Question:
a)Utility function of Mr. Alex is given by
Find the optimal quantities of the two commodities (X and Y) by using Lagrangian method, if it is given that price of commodity X is Rs. 5 per unit, price of commodity Y is Rs. 10 per unit and income of Mr. Alex is equal to Rs. 1000.
b)Using indifference map elucidates at which point Mr. Alex would be able to achieve maximum utility.
Related Book For
Modern Systems Analysis And Design
ISBN: 9780134204925
8th Edition
Authors: Joseph Valacich, Joey George
Posted Date: