I have been working on different parts of this problem using partial derivatives but i'm not sure what to do now.
Assume px=$2, py=$4 and M=$100. Find the utility maximizing consumption bundle for each of the utility functions, where x greater than or equal to 0 and y is greater than or equal to 0. Check first and second order conditions where appropriate.
U(x,y)= x^4y^4
U(x,y)=x^.5y^.5
Thank you
Assume px=$2, py=$4 and M=$100. Find the utility maximizing consumption bundle for each of the utility functions, where x greater than or equal to 0 and y is greater than or equal to 0. Check first and second order conditions where appropriate.
U(x,y)= x^4y^4
U(x,y)=x^.5y^.5
Thank you