An individual values two goods, X and Y, according to the following utility function: -1.33 U (X,Y) = 9 (0.33 X−0.75 +0.67 Y−0.75) The price of X is Px=2, and the price of Y is Py=3. The individual has 13 dollars. What is the Lagrangean for this problem? Please substitute the given values for variables where applicable. L= 9(0.33*X^(-0.75)+0.6*Y^(-0.75) +[13-2*X-3*Y BSD What are the first order conditions? Type L for X. ƏL ах ƏL ΟΥ ƏL Əx : Number Y= Number Number Number How much X and Y should this individual buy? (Round answers to the nearest two decimals. For example, 1.666 rounds to 1.67.) X= Number

An individual values two goods, X and Y, according to the following utility function: -1.33 U (X,Y) = 9 (0.33 X−0.75 +0.67 Y−0.75) The price of X is Px=2, and the price of Y is Py=3. The individual has 13 dollars. What is the Lagrangean for this problem? Please substitute the given values for variables where applicable. L= 9(0.33X^(-0.75)+0.6Y^(-0.75) +[13-2X-3Y BSD What are the first order conditions? Type L for X. ƏL ах ƏL ΟΥ ƏL Əx : Number Y= Number Number Number How much X and Y should this individual buy? (Round answers to the nearest two decimals. For example, 1.666 rounds to 1.67.) X= Number

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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