Given the total utility function for a consumer, consuming two goods is U = x+2y + xy +2 the prices of x and y are 4 TL and 6 TL respectively (Px = 4 and Py = 6), and the total budget of the consumer (B) is 130 TL; a) Write the constraint ( budget) function. b) Write the lagrangian function. c) What are the first-order conditions for utility maximization? d) Find the critical values of x, y and \lambda (x*,y* and \lambda *) according to the first order conditions. e) is the second order suficent condition for maximum utility satisfied 2 4 10 - [ ¦ ¦] | - And d = 1 1 3 8 Write the appropriate commands to create A and d matrixes in R software. How can you formulate the equation X = A-1 . d in R language? Given A =

Given the total utility function for a consumer, consuming two goods is U = x+2y + xy +2 the prices of x and y are 4 TL and 6 TL respectively (Px = 4 and Py = 6), and the total budget of the consumer (B) is 130 TL; a) Write the constraint ( budget) function. b) Write the lagrangian function. c) What are the first-order conditions for utility maximization? d) Find the critical values of x, y and \lambda (x,y and \lambda *) according to the first order conditions. e) is the second order suficent condition for maximum utility satisfied 2 4 10 - [ ¦ ¦] | - And d = 1 1 3 8 Write the appropriate commands to create A and d matrixes in R software. How can you formulate the equation X = A-1 . d in R language? Given A =

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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