   Chapter 14, Problem 33RE Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042

Solutions

Chapter
Section Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042
Textbook Problem

Utility If the utility function for two commodities is U = x 2 y and the budget constraint is 4 x + 5 y =   60 , find the values of x and y that maximize utility.

To determine

To calculate: The values of x and y that maximize utility if the utility function for two commodities is U=x2y and that the budget constraint is 4x+5y=60.

Explanation

Given Information:

The provided utility function is U=x2y subject to the constraint 4x+5y=60.

Formula used:

According to the Lagrange multipliers method to obtain maxima or minima for a function z=f(x,y) subject to the constraint g(x,y)=0,

Step 1: Find the critical values of f(x,y) using the new variable λ to form the objective function F(x,y,λ)=f(x,y)+λg(x,y).

Step 2: The critical points of f(x,y) are the critical values of F(x,y,λ) which satisfies g(x,y)=0.

Step 3: The critical points of F(x,y,λ) are the points that satisfy Fx=0, Fy=0, and Fλ=0, that is, the points which make all the partial derivatives of zero.

For a function f(x,y), the partial derivative of f with respect to y is calculated by taking the derivative of f(x,y) with respect to y and keeping the other variable x constant. The partial derivative of f with respect to y is denoted by fy.

Power of x rule for a real number n is such that, if f(x)=xn then f(x)=nxn1.

Constant function rule for a constant c is such that, if f(x)=c then f(x)=0.

Coefficient rule for a constant c is such that, if f(x)=cu(x), where u(x) is a differentiable function of x, then f(x)=cu(x).

Calculation:

Consider the function, U=x2y.

The provided constraint is 4x+5y=60.

According to the Lagrange multipliers method,

The objective function is F(x,y,λ)=f(x,y)+λg(x,y).

Thus, f(x,y)=x2y and g(x,y)=4x+5y60.

Substitute x2y for f(x,y) and 4x+5y60 for g(x,y) in F(x,y,λ)=f(x,y)+λg(x,y),

F(x,y,λ)=x2y+λ(4x+5y60)

Since, the critical points of F(x,y,λ) are the points that satisfy Fx=0, Fy=0, and Fλ=0

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