[Answer] What is the solution to the maximisation problem?

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What is the solution to the maximisation problem? For utility maximisation there are 4 basic steps process to derive consumer demand and find the utility maximising bundle of the consumer given prices income and preferences. 1) Check Walras's law is satisfied 2) 'Bang for buck' 3) the budget constraint 4) Check for negativity For utility maximisation there are 4 basic steps process to derive consumer demand and find the utility maximising bundle of the consumer given prices income and preferences. 1) Check Walras's law is satisfied 2) 'Bang for buck' 3) the budget constraint 4) Check for negativity Walras's law states that if a consumers preferences are complete monotone and transitive then the optimal demand will lie on the budget line. For a utility representation to exist the preferences of the consumer must be complete and transitive (necessary conditions). Completeness of preferences indicates that all bundles in the consumption set can be compared by the consumer. For example if the consumer has 3 bundles A B and C then; A ${\displaystyle \succcurlyeq }$ B A ${\displaystyle \succcurlyeq }$ C B ${\displaystyle \succcurlyeq }$ A B ${\displaystyle \succcurlyeq }$C C ${\displaystyle \succcurlyeq }$B C ${\displaystyle \succcurlyeq }$A A ${\displaystyle \succcurlyeq }$A B ${\displaystyle \succcurlyeq }$B C ${\displaystyle \succcurlyeq }$C. Therefore the consumer has complete preferences as they can compare every bundle. Transitivity states that individuals preferences are consistent across the bundles. therefore if the consumer weakly prefers A over B (A ${\displaystyle \succcurlyeq }$ B) and B ${\displaystyle \succcurlyeq }$C this means that A ${\displaystyle \succcurlyeq }$C (A is weakly pre… In mathematics computer science and economics an optimization problem is the problem of finding the best solution from all feasible solutions. Optimization problems can be divided into two categories depending on whether the variables are continuous or discrete: • An optimization problem with discrete variables is known as a discrete optimization in which an objects… Optimization problem - Wikipedia Optimization problem - Wikipedia Utility maximization problem - Wikipedia Regiomontanus' angle maximization problem - Wikipedia Solution by calculus. In the present day this problem is widely known because it appears as an exercise in many first-year calculus textbooks (for example that of Stewart ). Let a = the height of the bottom of the painting above eye level; b = the height of the top of the painting above eye level; x = the viewer's distance from the wall; Fri Jul 08 2005 · A corner solution is a special solution to an age...

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