Question: Microeconomics [3] How does a correspondence differ from a function (i.e., compare and contrast). Provide a situation where allowing for a correspondence is appropriate. (10

Microeconomics

[3] How does a correspondence differ from a function (i.e., compare and contrast). Provide a situation where allowing for a correspondence is appropriate. (10 points) [4] The Lagrange Multiplier is sometimes referred to as the Shadow Price. Explain, intuitively, what the Lagrange Multiplier is and why it can be considered a Shadow Price. (10 points)

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