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(a) A company has $300,000 to spend on two products. Suppose that the Utility derived by the company from x units of the first product and y units of the second product is given by U(x,y) = 3000xº.65y0.35 (i) Show that U is homogenous to some degre.

(a) A company has $300,000 to spend on two products. Suppose that the Utility derived by the company from x units of the first product and y units of the second product is given by U(x,y) = 3000xº.65y0.35 (i) Show that U is homogenous to some degre.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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(a) A company has $300,000 to spend on two products. Suppose that the Utility derived by the company from x units of the first product and y units of the second product is given by U(x,y) = 3000x065y35 (i) Show that U is homogenous to some degre .
Transcribed Image Text:(a) A company has $300,000 to spend on two products. Suppose that the Utility derived by the company from x units of the first product and y units of the second product is given by U(x,y) = 3000x065y35 (i) Show that U is homogenous to some degre .
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