Please provides some help checking my work on the following problems. I essentially worked out to where I took both of the partials and wrote in terms of L, but I need some help with the algebra to get through the next few steps.
Using the budget constraint I=PxX + PyY ....find the demand for goods x and y. Set up as a Langrangian of the form u(x,y) + L (I-PxX-PyY)
A) u(x,y) (x-2) (y-3)
I worked up to the point where:
L = Y-3 / Px = X-2 / Py
B) u(x,y) = X ^ 2/3 Y
Over here I worked up until
L = 2/3 (X)^ -1/3 Y / Px = (X) ^2/3 / Py
C) U(x,y)=Sqrt (x) Sqrt(y)
I worked up to
L= 1/2 x ^ - 1/2 y ^1/2 / Px = 1/2 x ^ 1/2 y ^ -1/2 / Py.© BrainMass Inc. brainmass.com October 9, 2019, 6:49 pm ad1c9bdddf
The solution provides the demand functions.