Math Problem Statement
Solution
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Math Problem Analysis
Mathematical Concepts
Microeconomics
Utility Maximization
Lagrangian Method
Formulas
U(X,Y) = XY^3
Budget constraint: 20X + 10Y = 400
Lagrangian: L(X,Y,λ) = XY^3 + λ(40 - 2X - Y)
Theorems
Lagrangian multiplier method
First-order conditions for utility maximization
Suitable Grade Level
University level (Economics, Intermediate Microeconomics)
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