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Suppose that Frederick Cow currently consumes lobsters (L) and tilapia sh (P). His utility function is given by U = U053 = L0'25F0'75. The price

Suppose that Frederick Cow currently consumes lobsters (L) and tilapia sh (P). His utility function is given by U = U053 = L0'25F0'75. The price of lobsters is $75 each and the price of sh is $10 each. Mr. Cow has a budget of $300. Answer the following questions: (a) What is the Laggagian equation that can be used to solve Mr. Cow's utility maximization problem? (b) Derive the rst-order conditions for the maximization problem. (c) What is the solution to Mr. Cow's maximization

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