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Maximize Utilitiy Subject to Budget Constraint. Using Lagrange's Multiplier for Optimization
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This is fourth video on Constrained Optimization. In this video I have tried to solve a Utility Function With the given constraint.
The question was to maximize Utility Function with the given constraint.
The solution was like this
1. Set constraint equal to zero
2. Multiply it by 'lambda'
3. Form a Lagrange's Function
4. Partially differentiate Lagrange's Function with respect to the variables sand set them equal to zero
5. Solve for the variables to get optimum values
These videos are specially for Masters In Economics Aspirants who have difficulty in Mathematical Economics .
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The question was to maximize Utility Function with the given constraint.
The solution was like this
1. Set constraint equal to zero
2. Multiply it by 'lambda'
3. Form a Lagrange's Function
4. Partially differentiate Lagrange's Function with respect to the variables sand set them equal to zero
5. Solve for the variables to get optimum values
These videos are specially for Masters In Economics Aspirants who have difficulty in Mathematical Economics .
You can Join
On Facebook
Facebook page
On Telegram
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