Lagrange Multiplier Method and Utility Maximization
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YouTubeBurkeyAcademy
Lagrange Multiplier Method and Utility Maximization
Here is a first look at the Lagrange Multiplier method for solving constrained optimization problems. I show how it is really just the same thing as setting MRS=Px/Py and using the budget constraint. But, it does give you one additional piece of information.
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Lagrange Multiplier Examples
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Lagrange Multiplier
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