Local analysis ◆ For the consumer i y={(-x,9):120and=2c(q)} ◆ Utility maximization max m,+o,(x) s!.m+px≤Om+∑(Pq-c(q1) ◆Fi irst order condition B (x)=p for x>0Local analysis For the consumer i Utility maximization First order condition: {( , ) : 0 and ( )} Y z q q z c q j j j j j j j = −   , 1 max ( ) . . ( ( )) i i i i i m x J i i mi ij j j j j m x s t m px p q c q    = + +  +   −  ( ) for 0 i i i  x p x    = 