Functions of 2 variables

Question 1

What is a production function?

Answer 1

The production function of a firm q(k,l) describes the amount a firm produces using k units of capital and l units of labour.

Question 2

What is a ultitiy function?

Answer 2

The ulitiy function of a consumer U(x,x2) describes how much utlitiy a consumer derives from a bundle ( x1.x2) of 2 goods, it allows us to compare the preferences of consumers, with a combination of goods and services.

Question 3

We will do this lecture in 2 parts which are?

Answer 3

Unconstrained and constrainted optimisation and function of 2 variables

Question 4

Find the values of x and y that maxmise or minimise the function ( tell me which one it is? ) and the minimum value of the function

Answer 4

Question 5

Find the values that minimise or maxmise the function, and tell me the maxmise value for this function.

Answer 5

Question 6

Find the values that minimise or maxmise the function, and tell me the maxmise value for this function.

Answer 6

Question 7

What does unconstrained optimistation?

Answer 7

There is no constraint on the values of x and y.

Question 8

What is constrianed optimisation?

Answer 8

We have to find values of x and y given a restriant.

Question 9

Answer 9

Question 10

B) the company is constrained as it must produce 5 units of good x?

Answer 10

Question 11

The company is constrained as total output of goods x and y must be 5 units. ?

Answer 11

Question 12

Answer 12

Get a picture

Question 13

Do ii and iii

Answer 13

TBA

Question 14

Answer 14

Question 15

c)

Answer 15

Question 16

Answer 16

Question 17

Answer 17

Question 18

II AND III

Answer 18

Question 19

IV)

Answer 19