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1. Kuhn - Tucker Conditions
Max 2x + 3y
s.t. pxX + pyY ≤ M. x ≥ 0, y ≥ 0
2. Max (8 + x)(8 + y)
Utility function
3. U(x, y) = x 1/3 y2/3
4. U(x, y) = 8x1/4y3/4
5.U (x, y) = min[2x, 3y]
Mux=
Muy=
MRS=
x* (Px, Py, m)=
y* (Px, Py, M)=
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example of ratio analysis
a good is classified as inferior if a. consumers buy less when the price rises b. consumers buy less when the income rises c. consumers buy less when the price falls d.
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