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Question 6 (a) Explain briefly the interpretation of, when we use lagrangian functions. (b) Explain briefly the meaning of transitive consumer preference. (c) Explain briefly

Question 6

(a) Explain briefly the interpretation of, when we use lagrangian functions.

(b) Explain briefly the meaning of "transitive" consumer preference.

(c) Explain briefly the meaning of the non-satiation assumption.

(d) Explain briefly what is an Engel Curve.

(e) Explain briefly what is the marginal rate of substitution. Write the formula and explain briefly.

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