A consumer has the utility function: U(x, y) = x(y + 1) where x and y are quantities of two goods whose prices are p and py, respectively. The consumer also has a budget of B. Find дрх in terms of the Lagrange multiplier (Hint: Envelope theorem). О -λ*x* X"x" O 3. O x'y'

A consumer has the utility function: U(x, y) = x(y + 1) where x and y are quantities of two goods whose prices are p and py, respectively. The consumer also has a budget of B. Find дрх in terms of the Lagrange multiplier (Hint: Envelope theorem). О -λx X"x" O 3. O x'y'

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter20: Consumer Choice And Elasticity

Section: Chapter Questions

Problem 4CQ

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please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly

A consumer has the utility function: U(x, y) = x(y + 1) where x and y are quantities of two
goods whose prices are p and py, respectively. The consumer also has a budget of B. Find
дрх
in terms of the Lagrange multiplier (Hint: Envelope theorem).
О
-λ*x*
X"x"
O
3.
O
x'y'

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