I am taking a math crash-course for an economics degree and am catching up with a lot of stuff I should have learned long ago. I'm having some difficulties with my current problem set. If someone could quickly look over it, I'd really appreciate it. I am not looking for exact solutions; some hints on where I went wrong or what I should do or look up would be very helpful.
The instructions for the questions are as follows:
For each of the following functions, find the critical points and classify these as local max, local min, or 'can't tell':
1) f(x, y) = x^4 + x^2 - 6xy + 3y^2
Is it possible that this function has two minima and one saddlepoint?
I get three critical points, two of which have both Hessian principal minors greater zero (=minimum) and one which has the first principal minor positive but the second negative, which should be a saddlepoint. But how could this be possible? If I have two minima, don't I need a maximum somewhere inbetween?
My calculations are:
. . .first order conditions:
. . .d f(x,y)/dx = 4x^3 + 2x - 6y = 0
. . .d f(x,y)/dy = -6x + 6y = 0
I substracted one from the other to get rid of the 6y, so I end up with x(4x^2 - 4) = 0 from which i got the three critical points x1= (0, 0); x2= (1, 1); x3=(-1, -1). Taking partial derivatives again for the second order conditions, I get:
. . .d^2 f(x,y)/dx^2 = 12x^2 + 2
. . .d^2 f(x,y)/dxdy = -6
. . .d^2 f(x,y)/dydx = -6
. . .d^2 f(x,y)/dy^2 = 6
This yields the two hessian principal minors:
. . .H1=12x^2 + 2
. . .H2 = 72x^2 - 24
This in turn yields the above mentioned results if you substitute the critical points in. But is this correct? And how can I check whether these minima are GLOBAL minima?
My second question concerns another of these functions, but i got stuck very early on; the function is:
2) f(xy) = xy^2 + x^3y - xy
If I take first order derivatives, I get:
. . .f'/dx= y^2 + 3x^2y - y = 0
. . .f'/dy = 2xy + x^3 - x = 0
But I don't see how to get to the critical points. How do I get rid of either x or y in one of the equations?
Thank you so much for your help!
lv
The instructions for the questions are as follows:
For each of the following functions, find the critical points and classify these as local max, local min, or 'can't tell':
1) f(x, y) = x^4 + x^2 - 6xy + 3y^2
Is it possible that this function has two minima and one saddlepoint?
I get three critical points, two of which have both Hessian principal minors greater zero (=minimum) and one which has the first principal minor positive but the second negative, which should be a saddlepoint. But how could this be possible? If I have two minima, don't I need a maximum somewhere inbetween?
My calculations are:
. . .first order conditions:
. . .d f(x,y)/dx = 4x^3 + 2x - 6y = 0
. . .d f(x,y)/dy = -6x + 6y = 0
I substracted one from the other to get rid of the 6y, so I end up with x(4x^2 - 4) = 0 from which i got the three critical points x1= (0, 0); x2= (1, 1); x3=(-1, -1). Taking partial derivatives again for the second order conditions, I get:
. . .d^2 f(x,y)/dx^2 = 12x^2 + 2
. . .d^2 f(x,y)/dxdy = -6
. . .d^2 f(x,y)/dydx = -6
. . .d^2 f(x,y)/dy^2 = 6
This yields the two hessian principal minors:
. . .H1=12x^2 + 2
. . .H2 = 72x^2 - 24
This in turn yields the above mentioned results if you substitute the critical points in. But is this correct? And how can I check whether these minima are GLOBAL minima?
My second question concerns another of these functions, but i got stuck very early on; the function is:
2) f(xy) = xy^2 + x^3y - xy
If I take first order derivatives, I get:
. . .f'/dx= y^2 + 3x^2y - y = 0
. . .f'/dy = 2xy + x^3 - x = 0
But I don't see how to get to the critical points. How do I get rid of either x or y in one of the equations?
Thank you so much for your help!
lv