Utility Maximizing Bundle

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How to find the utility maximizing combination of two goods given the price of each good and the utility function U(x,y) of a consumer.

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Never forget that.
You can pin this so if you're ever feeling sad, you can come back to this video to remind you that you've saved lives.

qlmnauyjvewrh

I love you 😭😭😭, I have a test today! Now I understand this so well

hezb

YouTube carries students understanding of stuff. Thank you sir

teddytaylor

This is my review for my 300 level econ course. A huge thank you for making this straight forward.

jordansipos

Dude, you may have jut saved my life. I would love to sign a lifelong binding contract that entitles you to 50% of my futere earnings in the economic sphere.

benbroyles

duuuude you rock! Also the sighs killed me lol

rayalibux

if you use the Lagrange method do you have to plug the number you divided by back into the constraint and solve

thatkid

thank you very much for the video. i have been struggling with a similar problem where U=(x+14)(y-2) px=4 and the combination of goods was 86x and 52y . I was asked to calculate the income. I didnt have a clue to solve untill i did a derivation of the function and so on...thank you! now I can move on!

Twamh

thanks man, that video was extremely helpful:)

fredrikkauffmann

Please I’m lost on how you get the 3xy square and the 6xy, all that I saw is that you started writing that without any explanation and I’m now taking Econ’s at university so please help me out

Norris_Ria

Is the utility function U(X, Y)= 3XY^2 given in the question??

GabrielEvarist-kf

Mu utility was 76800 & yours was 7680 please explain order of operations for calculating 3xy^2 did you only square the 16 instead of the result of the 16 and 10?

blackstocktrader

does it works for every utility funciton ? cobb-douglas, quasi linear ecc.?

simonedisalvatore

thank you so much, this really helped

ineslontrade

im confused as to how we got 6xy, can anyone explain to me

aliahvanterpool

Hey how can i go ahead to work on roy’s identity from that step you got (7680) . Thansk

abdirashiidmohamedrashiida

what if the utility function is first order

jeronimom

PX/PY should not be - PX/PY, due to the fact that it is a decreasing slope?

jewbarrymore_

Thank you soo muchh it was really helpful🫶🏻

salmasherif

Legon students, did you understand this?

OkuntadeFavour-nb

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