Carlotta enjoys watching movies, x, while drinking sodas, y. Her preferences over movies and sodas can be represented by the utility function U (x, y) = ln(x) + In(y) Find the expression for Carlotta's indirect utility function. (5 Points) I (a) V (Px, Py, I) = ln (Py + −1 Px Py (b) V (Px, Py, I) (d) V (Px, Py, I) = (c) V (Pa, Py, I) = ln ( + In 2px (e) V (Px, Py, I) - I - PxPy = I(Px+Py) PxPy 10I Pí Pý +1 2py

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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Carlotta enjoys watching movies, x, while drinking sodas, y. Her preferences over
movies and sodas can be represented by the utility function
U (x, y) = ln(x) + In(y)
Transcribed Image Text:Carlotta enjoys watching movies, x, while drinking sodas, y. Her preferences over movies and sodas can be represented by the utility function U (x, y) = ln(x) + In(y)
Find the expression for Carlotta's indirect utility function. (5 Points)
I
(a) V (Px, Py, I) = ln (Py + −1
Px
Py
(b) V (Px, Py, I)
(d) V (Px, Py, I)
=
(c) V (Pa, Py, I) = ln ( + In
2px
(e) V (Px, Py, I)
-
I - PxPy
=
I(Px+Py)
PxPy
10I
Pí Pý
+1
2py
Transcribed Image Text:Find the expression for Carlotta's indirect utility function. (5 Points) I (a) V (Px, Py, I) = ln (Py + −1 Px Py (b) V (Px, Py, I) (d) V (Px, Py, I) = (c) V (Pa, Py, I) = ln ( + In 2px (e) V (Px, Py, I) - I - PxPy = I(Px+Py) PxPy 10I Pí Pý +1 2py
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