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Set up the Lagrangian for a cost minimization problem, then use it to derive the Hicksian demands for goods X and Y when the utility function has the Cobb-Douglas form
U = X^alpha Y^1-alpha
You will do this by finding the levels of X and Y that minimize expenditure PxX+PyY subject to the constraint that utility not fall below
U^0
Substitute those Hicksian demands into the expenditure identity to derive the expenditure function for this Cobb-Douglas individual.
Note that I used the symbol "^" to show exponentiation (but you can use a Word file or whatever works for you).
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What is the Marginal Rate of Transformation between sugar and tea?
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Early this year, thousands of Americans flocked to Apple's outlets to purchase iPad 2 sold by iconic brand. Long queues snaked outside many of Apple's outlets dotted over the states.
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