3. Utility maximization Consumer's problem( UMP) max u(x x≥0 St.X∈B(pw) The solutions x(p w)are called Walras Demand correspondence or function if it's single point3.Utility maximization • Consumer’s problem (UMP): • The solutions are called Walras’ Demand Correspondence, or function if it’s single point. 0 max ( ) . . ( . ) u s t B w   x x x p x p( . ) w