Luke only consumes strawberries s and turnips t each week, Business Economics

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Luke only consumes strawberries s and turnips t each week

Luke only consumes strawberries (S) and turnips (T) each week with his $36 income. The price ofstrawberries is Ps = $3/basket, while the price of turnips is Pt = $1.50/turnip. Luke’s preferences are given by the following utility function:

U(S,T) = SquareRoot(ST)

(a) Set up the Lagrangian equation for this constrained maximization problem.

(b) What are the 3 first order conditions (FOC) of optimization from the Lagrangian?

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Business Economics: Luke only consumes strawberries s and turnips t each week

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Business Economics: Luke only consumes strawberries s and turnips t each week

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