Concave-convex and quasi-concave or quasi-convex

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Optimization with 2nd order conditions and identifying the properties of functions: 1. Solve the following optimization problems Check 2nd order conditions to confirm that your solution is a maximum. Check if the objective function is concave, convex, quasi-concave or quasi-convex. Explain the economic interpretation of the ratio of FOC. Explain the economic interpretation of the lagrangian multiplier (?)

a. q = K0.3L0.5 subject to 6K + 2L = 384

b. q = 10K0.7L0.1 subject to 10K + 4L = 4100

c. u = x0.6y0.6 given Px = 2, PY= 1 and B = 720

Reference no: EM13733619

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