There is given a market of two consumer goods, where: X = (X, x) R-a consumption bundle,
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There is given a market of two consumer goods, where:
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X = (X, x) R-a consumption bundle, p = (P, P2) = int R-a vector of prices of goods, I > 0-a consumer's income and a utility function describing a relation of consumer preference of a form: (a) u (x) = min{ax, a2x2], a > 0, i = 1, 2, (b) u (x) = a In x +a ln x2, a > 0, x > 0, i= 1, 2, (c) u(x) = axx, a > 0, a, p = (0; 1), 1. Write a form of a consumption utility maximization problem. 2. Determine a Marshallian demand function and an indirect utility function. 3. Write a form of a consumer expenditure minimization problem.
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Related Book For
Microeconomics Static And Dynamic Analysis Springer Texts In Business And Economics
ISBN: 9783031105531
1st Edition
Authors: Krzysztof Malaga, Karolina Sobczak
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