V2

consider the cost function c(x,y) = 3x"1 y"2 and the inverse demand function p = 30 3y. Let the total number of units available to extract be nine, and let p = 0.9. Find the equilibrium solution using the substitution and perturbation methods. Make sure to check to see if the resource constraint is binding. a. using the substitution method b. using the perturbation method c. the resource constraint binding