(See Solution) Solve the following problems Maximizing U=(x_1x_2)^3+x_1x_2, subject to p_1x_1+p_2x_2=y, and Maximizing U=ln x_1+ln x_2, subject to p_1x_1+p_2x_2=y;
Question: Solve the following problems
- Maximizing \(U={{\left( {{x}_{1}}{{x}_{2}} \right)}^{3}}+{{x}_{1}}{{x}_{2}}\), subject to \({{p}_{1}}{{x}_{1}}+{{p}_{2}}{{x}_{2}}=y\), and
- Maximizing \(U=\ln {{x}_{1}}+\ln {{x}_{2}}\), subject to \({{p}_{1}}{{x}_{1}}+{{p}_{2}}{{x}_{2}}=y\); and explain the relationship between the solutions.
Deliverable: Word Document 
(Solution Library) Given the utility function U=x_1^alpha x_2^beta
![[See Solution] Consider the problem of maximizing](/images/solutions/MC-solution-library-48621.jpg "[See Solution] Consider the problem of maximizing u (c, ℓ) subject")
[See Solution] Consider the problem of maximizing u (c, ℓ) subject
(See Solution) Consider the problem of maximizing u= (x 1 x 2
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