Analyze the consumer's problem where u(x) x1 a log x2 ensuring that consumption is nonnegative. For simplicity,
Question:
u(x) x1 a log x2
ensuring that consumption is nonnegative. For simplicity, assume that p1 = 1.
Sometimes non negativity constraints apply to a subset of the variables, for which we have the following variation of theorem 5.2 and corollary 5.2.1.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (4 reviews)
The consumers problem is The firstorder conditions ...View the full answer
Answered By
Robert Mwendwa Nzinga
I am a professional accountant with diverse skills in different fields. I am a great academic writer and article writer. I also possess skills in website development and app development. I have over the years amassed skills in project writing, business planning, human resource administration and tutoring in all business related courses.
4.90+
187+ Reviews
378+ Question Solved
Related Book For
Question Posted:
Students also viewed these Numerical Analysis questions
-
In example 3.77 Robinson the producer makes a profit of wh* + pq*. This is Robinson the consumer's income, so his budget set is X = {(h,q : wh + pq wh* + pq*} This is half space below the separating...
-
A Fredholm integral equation of the second kind is an equation of the form Where a and b and the functions f and K are given. To approximate the function u on the interval [a, b], a partition x0 = a...
-
The data file German Imports shows German real imports (y), real private consumption (x1), and real exchange rate (x2), in terms of U.S. dollars per mark, over a period of 22 years. Estimate the...
-
Using the following graphs, match the market situation with the correct graph. Price 0 E1 E Q Q Quantity Graph C S 52 Price P 0 Which graph shows an increase in supply? Which graph shows a decrease...
-
A company's auditor believes the per diem cost in Nashville, Tennessee, rose significantly between 1999 and 2009. To test this belief, the auditor samples 51 business trips from the company's records...
-
Based on comparisons Between SECs days sales outstanding (DSO) and inventory turnover ratio s with the industry average figures, does it appear that SEC is operating efficiently with respect to its...
-
As in Problem 9.4, assume that the tube in Figure 9.8 is subjected only to an internal pressure and neglect the longitudinal stress. a. Determine the allowable internal pressure, \(p\), if the crack...
-
Suppose in a recent quarter, Alliance Atlantis Communications Inc. reported net cash provided by operating activities of $45,600,000 and revenues of $264,800,000. Cash spent on plant asset additions...
-
What are the common issues encountered when scaling chemical processes from laboratory-scale to pilot-scale and ultimately to full-scale production, and how can they be mitigated ?
-
1. In the Microsoft Excel document included with your exam materials you will find a spreadsheet titled "Des Moines Apts" containing information about apartments in the Des Moines, Iowa area. You...
-
Solve subject to g(x) = x21 + x22 = 1 max ,f(x) = 1 _ (x1-1 )2-(x2-1)2
-
Suppose that (x*, y*) is a local optimum of subject to g(x, y) = 0 and y > 0 and a regular point of g. Then there exist multipliers 1, 2, . . . , m such that With max /x. y) x, y
-
What evidence in this case leads you to believe that the advertising team that created this campaign understood Multicultural Millennials? Can you add any additional insights?
-
Why is it inappropriate to simply pick the higher NPV project when comparing mutually exclusive investment opportunities with different lives?
-
What is a major shortcoming of the equivalent annual benefit method?
-
Explain the characteristics of a critical thinker. How do critical thinking skills improve problem solving?
-
What makes a real option valuable?
-
Why are ethical codes of conduct important for professional groups such as accountants and who monitors these codes of conduct?
-
For a population with a standard deviation of = 4, a score of X = 24 corresponds to z = -1.50. What is the population mean?
-
Imagine a sound wave with a frequency of 1.10 kHz propagating with a speed of 330 m/s. Determine the phase difference in radians between any two points on the wave separated by 10.0 cm.
-
(a) What is wrong with the following equation? x2 + x 6 / x 2 = x + 3 (b) In view of part (a), explain why the equation is correct. x? + x - 6 lim lim (x + 3) *-2 x - 2
-
Evaluate the limit if it exist. x? +x - 6 x? + 5x + 4 12. lim --4 + 31- 4 11. lim x-2 x? -x + 6 13. lim x - 4x 14. lim x-4 x - 3x - 4 x? - 4x 12 - 9 16. lim 15. lim --3 21 + 7t + 3 3x - 4 (4 + ) -...
-
a) Estimate the value of by graphing the function f(x) = x / (√1 + 3x 1). (b) Make a table of values of for x close to 0 and guess the value of the limit. (c) Use the Limit Laws to prove that...
-
Pangasa Co. paid its annual worker accident insurance premium of $48,000 on its manufacturing facility in January. The company expects two worker accidents to happen during the year, and to make...
-
3. The game of baseball is often analyzed using Markov models. The state of the game can be represented by listing bases that have runners and keeping track of how many outs there are. There are...
-
Thornton Electronics currently produces the shipping containers it uses to deliver the electronics products it sells. The monthly cost of producing 9,300 containers follows. Unit-level materials...
Study smarter with the SolutionInn App