Regarding use of Lagrangian as a maximization tool
Does lagrangian method give you only the critical points (and we have to use other ways to see if there is a maxima or minima) or does it maximize f(X) in the expression f(x) plus lambda*constraint=L(x)?
Re: Regarding use of Lagrangian as a maximization tool
Yes lagrangian gives us the critical points (possible candidates for max/min) . To check that those points are indeed a maximum/ minimum you need to apply second order conditions just like we do in case of single variable optimization.
Re: Regarding use of Lagrangian as a maximization tool
I think no because the sufficient condition for a maximum to exist requires that the lagrangian function is concave and quasi concavity may or may not imply a concave lagrangian function
Re: Regarding use of Lagrangian as a maximization tool
Now I'm confused. If utility is quasi concave wouldn't lagrangian critical points always be maxima points (because I'm maximising utility with convex ICs, only critical point is tangency)