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Is the sufficient condition for interior optimum satisfied? Show it. 2. Consider the following utility function (POINTS: 30) u(x, y ) = (x+8)1/ (CES) where

Is the sufficient condition for interior optimum satisfied? Show it.

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2. Consider the following utility function (POINTS: 30) u(x, y ) = (x+8)1/ (CES) where 8 s 1 and 8 + 0. It is called the constant elasticity of substitution (CES) function

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