Learning objectives

• Understand and use the method of Lagrange multipliers

Before class

• Read Hughes-Hallett section 15.3
• Ponder Hughes-Hallett problems:  15.3: 2, 18, 22, 27, 30, 34, 41.

In class

• Mathematica notebook – Cobb-Douglas example
• Exercises
• Shadow prices and an interpretation of the Lagrangian function
• The envelope theorem and more details

Daily Schedule|WeBWorK|Assignments