University of Minnesota ECON 3101 - PS1 Now consider the following maximization problem, where (Eq1 ) and (Eq2) are set as inequal- ities. max -x - v2 x.y s.t. ys -x-4 (Ineq1 ) x 17 2 (Ineq2) (c) Explain why you cannot use the Lagrange method as learned in lecture. (Points: 5) Answer: (d) Draw a graph and identify the feasible region (i.e., the region of points (x, y) such that they satisfy all constraints). Be sure to show the regions determined by each constraint. (Points: 15) Answer: 2021- GUniversity of Minnesota ECON 3101 - PS1 3. (POINTS: 50) (a) Solve the following problem, using the Lagrange method learned in lecture: (Points: 7.5) max - x2 - x2 x.y s.t. y= -x-4 (Eqi) Answer: (b) Solve the following problem, using the Lagrange method learned in lecture: (Points: 7.5) max - x- x.y s.t. y = 17 2 (Eq2) Answer: 202