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{"ops":[{"insert":"The utility function of a consumer from consumption of\u00a0\u00a0Q1 units of good\u00a0x1 and\u00a0Q2 \u00a0units\u00a0\u00a0of good\u00a0\u00a0is given by U(Q1,Q2) =5 lnQ1 + 2 lnQ2 , while the unit price of good x1\u00a0is 4 dollars while that of good\u00a0x2\u00a0is 2.\u00a0Find the combination of\u00a0\u00a0Q1 and\u00a0\u00a0Q2 which will\u00a0maximize the utility function with the budget constraint of 28 dollars.\u00a0\nRequired\u00a0\na) Write the mathematical model.\u00a0\u00a0\nb) Write the Lagrange function.\u00a0\nc) Test the output level using second order condition.\u00a0\nd) Find the Lagrange multiplier and interpret it.\n"}]}
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