Katie likes to paint and sit in the sun. Her utility function is U(P, S) = 3PS
Question:
a. Solve Katie’s utility-maximization problem using a Lagrangian.
b. How much does Katie’s utility increase if she receives an extra dollar to spend on paint brushes and straw hats?
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a Write out the maximization problem and the Lagra...View the full answer
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Related Book For 
Microeconomics
ISBN: 9781464146978
1st Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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