Howdy! I loved the video and it genuinely helped a lot! But towards the end when we find Y* I keep getting 128, and you got 216. And I was wondering how you got it? Thank you so much!
I’m glad it was helpful! I don’t remember off of the top of my head let me review and get back to you in 24 hours and I’ll have a few possible explanations you can use to see if that’s where we differed!
@@InCaseofEconStruggles Yes I got all the same numbers for x1*, x2* as well as lambda*. But when I plugged in x1* and x2* I did plug it into x1x2 + 2x1. I am assuming that is the equation that we plug it into to? So when finding Y* I had the equation (8*14)+2(8) and that is how I got 128
You can use a second order derivative to confirm that it is yes I’m relying on the shape of the curve/intuition since generally in economics we don’t do second derivative tests for utility maximization etc. But strictly mathematically speaking yes you would need those tests you are correct! Good point!
Howdy! I loved the video and it genuinely helped a lot! But towards the end when we find Y* I keep getting 128, and you got 216. And I was wondering how you got it? Thank you so much!
I’m glad it was helpful! I don’t remember off of the top of my head let me review and get back to you in 24 hours and I’ll have a few possible explanations you can use to see if that’s where we differed!
Did you get what I got for x1 star and x2 star? What about lambda star?
@@InCaseofEconStruggles Yes I got all the same numbers for x1*, x2* as well as lambda*. But when I plugged in x1* and x2* I did plug it into x1x2 + 2x1. I am assuming that is the equation that we plug it into to? So when finding Y* I had the equation (8*14)+2(8) and that is how I got 128
Ah I see I didn’t do the multiplication you are correct! Sorry about that and thanks for pointing it out!
@@InCaseofEconStruggles Its no issue at all! I sincerely did love the video though, it was very informative, thank you so much again!
These seem like they are going to be so helpful for people doing Lagrangian Optimization with Economics! and I get a shout-out several times in these.
That’s the goal!
dont we need to use second order derivatives to say that the C.P is a min/max/global min/global max etc???
You can use a second order derivative to confirm that it is yes I’m relying on the shape of the curve/intuition since generally in economics we don’t do second derivative tests for utility maximization etc. But strictly mathematically speaking yes you would need those tests you are correct! Good point!