{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

lagrange2-nokey

lagrange2-nokey - ECON 331 Study Questions for Chapter 12...

This preview shows pages 1–2. Sign up to view the full content.

ECON 331 Study Questions for Chapter 12: Lagrange Multiplier Method Kevin Wainwright SHORT ANSWER. Show all your work. In each case, check 2nd order conditions 1) Use the method of Lagrange multipliers to find the critical points of f ( x , y , z ) = 2 x + 4 y - 4 z subject to the constraint x 2 + y 2 + z 2 = 9. 1) 2) Use the method of Lagrange multipliers to determine the critical points of f ( x , y , z ) = x 2 - 3 y 2 - z 2 + 6 subject to the constraint 5 x - 3 y + z = 21. 2) 3) The Cobb-Douglas production function for a company is given by P ( k , l ) = 163 k 1/5 l 4/5 where P is the monthly production value when k is the number of units of capital and l is the number of units of labor. Suppose that capital costs \$105 per unit, labor costs \$70 per unit, and the total cost of capital and labor is limited to \$152,250. Use Lagrange Multiplier's to write the system of equations you would use to find the number of units of capital and labor that maximize production. 3) 4) The Cobb-Douglas production function for a company is given by P ( k , l ) = 70 k 3/4 l 1/4 where P

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern