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Concept of optimization with an inequality constraint

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Reference no: EM132617006

1) A household consuming two products (butter and bread) wants to maximize its utility (satisfaction level). The price of butter per unit is 100 taka, the price of bread per unit is 50 taka and the budget of the household is 500 taka per week.

Use the given scenario to explain in detail the concept of optimization with an inequality constraint. You should derive and use the inequality constraint in your discussion.

Reference no: EM132617006

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