Question: Question is full. 1. Consider the following constrained optimization problem: min 1:2 + 21:31 + 43?, 5.13. :1: + y = 8. (a) Solve for

Question is full.

1. Consider the following constrained optimization problem: min 1:2 + 21:31 + 43?, 5.13. :1: + y = 8. (a) Solve for the Optimum values of :r and y. (b) Construct the Bordered Hessian and check the 800s. (c) What is the Optimum value of the Lagrange multiplier? ((1) Assuming the objective function is total cost, and the constraint is the level of output, what is the economic meaning of the Lagrange multiplier? (e) By how much will total cost change if output increases from 8 t0 9 units

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