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Utility Maximization: Cobb Douglas Utility Function

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Iris Franz

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Wed, 17 Apr 2019 00:00:00 GMT
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Cobb-Douglas utility function

marginalrate of substitution

budget line

optimal consumption bundle

utility maximization

Equating MRS and the slope of the budget line to find the optimal consumption bundle that maximizes the utility. If you are reading Varian's textbook, treat a as c/(c+d), and 1-a as d/(c+d).

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