The method of Lagrange was used correctly to find Jerry's optimal bundle. The price of good X is 6.3. The price of good Y is 2.8. At Jerry's optimal bundle his marginal utility of good X is equal to 9.5. What is the value of the Lagrange multiplier at Jerry's optimal bundle?

The method of Lagrange was used correctly to find Jerry's optimal bundle. The price of good X is 6.3. The price of good Y is 2.8. At Jerry's optimal bundle his marginal utility of good X is equal to 9.5. What is the value of the Lagrange multiplier at Jerry's optimal bundle?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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