Find the solution of the objective function for problems

| August 31, 2017

Question
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
and
.
b) Maximize the profit function
and
.

subject to the constraints

subject to the constraints

and

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