The method of Lagrange was used correctly to find Jerry's optimal bundle. The price of good X is 6.3. The price of good Y is 2.8. At Jerry's optimal bundle his marginal utility of good X is equal to 9.5. What is the value of the Lagrange multiplier at Jerry's optimal bundle?
The method of Lagrange was used correctly to find Jerry's optimal bundle. The price of good X is 6.3. The price of good Y is 2.8. At Jerry's optimal bundle his marginal utility of good X is equal to 9.5. What is the value of the Lagrange multiplier at Jerry's optimal bundle?
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 11SQ
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