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Mathematics for Economists Ken Danger Problem Set 13 1) Find the solution of the objective function for problems (a) - (b) below. For each problem,

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Mathematics for Economists
Ken Danger Problem Set 13 1) Find the solution of the objective function for problems (a) - (b) below. For each problem,
confirm that the optimum satisfies the Kuhn-Tucker conditions. At each solution, describe
whether the constraint(s) is binding. a) Minimize the cost function e = 53::2 — 80x + y: — 32}? subject to the constraints 17, y 2 D
and x + y E 20. b) Maximize the profit function it = 50:: + My subject to the constraints 3:, y 2 0 and x — y S
3and51+2y 5 20.

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