Question: Consider the following five utility functions. G(x,y) = x 2 + 3 y 2 H(x,y) =ln(x) + ln(2y) L(x,y) = x 1/2 + y 1/2
Consider the following five utility functions.
G(x,y) = x2 + 3 y2
H(x,y) =ln(x) + ln(2y)
L(x,y) = x1/2 + y1/2
U(x,y) =x y
W(x,y) = (4x+2y)2
Z(x,y) = min(3x ,y)
In the case of which function or functions can the Method of Lagrange be used to find the complete solution to the consumer's utility maximization problem?
a.
H
b.
U
c.
G
d.
Z
e.
L
f.
W
g. None.
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