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What assumptions are needed for x and y to be nonnegative

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Reference no: EM131567299

Question: Consider the problem

max U(x, y) = 100 - e-x - e-y subject to px + qy = m

(a) Write down the first-order conditions for the problem and solve them for x, y, and λ as functions of p, q, and m. What assumptions are needed for x and y to be nonnegative?

(b) Verify that x and y are homogeneous of degree 0 as functions of p, q, and m.

Reference no: EM131567299

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