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quiz1micro - Maximize the objective function °?± = ²...

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Microeconomic Theory Spring 2010 Quiz #1 Please answer these questions on a separate sheet of paper. Be sure to show all of you work. Note that the answer to the first question is on page 711 of your book. Generally, no credit will be given for just copying that answer. Question 1: Problem 2.1 (parts a, b, c, and d) on p. 75 of the textbook. Be sure that you are doing the right problem. Note that the international versions of the book MIGHT NOT have the same problems. Question 2:
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Unformatted text preview: Maximize the objective function ° ? , ?± = ²?? , subject to the constraint 4 ? + 2 ? = 10 . Solve this problem by method of Lagrange. Be sure to set up the problem by forming a Lagrangian function, show your first order conditions, and show any other intermediate steps. The next question is only a suggested problem. I’ll be going over it in the next recitation session, but it won’t be included as part of your grade. Question 3: Problem 2.2 on p. 75 of the textbook....
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