Please answer very soon will give rating surely When a consumer has quantities, x1 and 2, of apples and oranges respectively, hisutility is given byu(x1, x2)2/31/3X1 X2Given that each apple costs pi dollars and each orange costs p2 dollars, use the methodof Lagrange multipliers to find the bundle of goods, (x1, x2), that will maximise hisutility given that he spends M dollars on apples and oranges.[You are not required to justify the use of the method of Lagrange multipliers here.]Also find his maximum utility, U(M), and verify that U'(M) is equal to the value ofthe Lagrange multiplier.

Concept: Lagrangian function : The initial problem is reformulated as a result of the link between…

When a consumer has quantities, ₁ and ₂, of apples and oranges respectively, his utility is given by u(x1, x₂) 2/3 1/3 = X1 X₂ . Given that each apple costs p₁ dollars and each orange costs p2 dollars, use the method of Lagrange multipliers to find the bundle of goods, (x₁, x2), that will maximise his utility given that he spends M dollars on apples and oranges. [You are not required to justify the use of the method of Lagrange multipliers here.] Also find his maximum utility, U(M), and verify that U'(M) is equal to the value of the Lagrange multiplier.

When a consumer has quantities, ₁ and ₂, of apples and oranges respectively, his utility is given by u(x1, x₂) 2/3 1/3 = X1 X₂ . Given that each apple costs p₁ dollars and each orange costs p2 dollars, use the method of Lagrange multipliers to find the bundle of goods, (x₁, x2), that will maximise his utility given that he spends M dollars on apples and oranges. [You are not required to justify the use of the method of Lagrange multipliers here.] Also find his maximum utility, U(M), and verify that U'(M) is equal to the value of the Lagrange multiplier.

Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

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Question

Please answer very soon will give rating surely

When a consumer has quantities, x1 and 2, of apples and oranges respectively, his
utility is given by
u(x1, x2)
2/31/3
X1 X2
Given that each apple costs pi dollars and each orange costs p2 dollars, use the method
of Lagrange multipliers to find the bundle of goods, (x1, x2), that will maximise his
utility given that he spends M dollars on apples and oranges.
[You are not required to justify the use of the method of Lagrange multipliers here.]
Also find his maximum utility, U(M), and verify that U'(M) is equal to the value of
the Lagrange multiplier.

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