1).Suppose that p(x,y)-represents the production of a

Last updated: 8/7/2022

1).Suppose that p(x,y)-represents the production of a two-product firm. The company produces x units of the first product at a cost of c₁ each and y units of the second product at a cost of c₂ each. The budget constraint, B, is a constant given by the following formula. Use the method of Lagrange multipliers to find the value of λ in terms of Px. Py, C₁, and C₂. The resulting equation holds for any production function p and is called the Law of Equimarginal Productivity. B=C₁X+C₂Y Choose the correct answer below. a).λ ={Px /C1=Py\C2} b). λ=Px=C1=Py=C2 c).λ={Py/C1=Px/C2} d).λ={C1/Px=C2/Py}