Please state the problem exactly as it is given. Normally, "Lagrange multipliers" are used to find maximum and minimum values, not for finding eigenvalues or eigenvectors.
However, you can think of a matrix as "stretching" or "compressing" directions in the xy-plane. Specifically, if [itex]\lambda[/itex] is the largest eigenvalue of matrix A, and v is a corresponding eigenvector, then [itex]Av= \lambda v[/itex] maximizes the length of Av. Given
[tex]v= \begin{bmatrix}x \\ y \end{bmatrix}[/tex],
[tex]\begin{bmatrix}1 & -2 \\ -2 & 4\end{bmatrix}\begin{bmatrix}x \\ y\end{bmatrix}= \begin{bmatrix}x- 2y \\ -2x+ 4y\end{bmatrix}[/tex]
will have maximum length (among all vectors with the same length) if and only if v is an eigenvector corresponding to the largest eigenvector.
That is, the problem of finding the larger and smaller eigenvalues can be construed as "Maximize (minimize) [itex](x- 2y)^2+ (-2x+ 4y)^2[/itex] subject to the constraint [itex]x^2+ y^2= 1[/itex]". That is a problem that can be handled with Lagrange multipliers.