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Question 3 Maximize x2314 subject to the constraint that 1 2 x + y. Question 4 There are two functions, 7151 = (1 p1 p2)p1
Question 3 Maximize x2314 subject to the constraint that 1 2 x + y. Question 4 There are two functions, 7151 = (1 p1 p2)p1 and 112 = (1 p1 p2)p2. (71' and p will have meaning later in the course; for now, they are just a function and a variable, respectively.) a. Find the p1 that maximizes 1:1, holding p2 constant. b. Do the same for p2 and 1:2 holding p1 constant. c. Use the answer you got in part (a) and plug it into the answer you got in part (b) to get a numerical solution for p2. Then use that to get a numerical solution for p1
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