plz solve it within 30-40 mins I'll give you multiple upvote HAND WRITTEN 1.An individual has a utility function, U(q,42) = /91 92).%3D(Mathematical assistance: Vx = x2(a)Derive the individual's demand curve for q, and q2Hint: solve for the utility maximising values of q, and q2 for any set ofprices (p, and p,) and income (I).Suppose p, = £10 and p, = £25 and total income is £100. Calculate theoptimal consumption choices and the maximised utility value.(b)(c)Compute the value for the Lagrange multiplier for the individual'sbudget constraintand explain its meaning.

We have given prices p1 and p2 for q1 and q2 respectively.

1. An individual has a utility function, U(q,42) = V91 42). (Mathematical assistance: x = x2). (a) Derive the individual's demand curve for q, and q, Hint: solve for the utility maximising values of q, and q2 for any set of prices (p, and p2) and income (!). (b) Suppose p, = £10 and p2 = £25 and total income is £100. Calculate the optimal consumption choices and the maximised utility value. (c) Compute the value for the Lagrange multiplier for the individual's budget constraint and explain its meaning.

1. An individual has a utility function, U(q,42) = V91 42). (Mathematical assistance: x = x2). (a) Derive the individual's demand curve for q, and q, Hint: solve for the utility maximising values of q, and q2 for any set of prices (p, and p2) and income (!). (b) Suppose p, = £10 and p2 = £25 and total income is £100. Calculate the optimal consumption choices and the maximised utility value. (c) Compute the value for the Lagrange multiplier for the individual's budget constraint and explain its meaning.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter10: Consumer Choice Theory

Section: Chapter Questions

Problem 6P

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