Which of the following utility functions represent preferences of a consumer who does not exhibit homothetic preferences? a. U(x,y)=min{x,y} b. U(x,y)=x+2y c. U(x,y)=xy O d. None of them e. U(x,y)=x+y5
Which of the following utility functions represent preferences of a consumer who does not exhibit homothetic preferences? a. U(x,y)=min{x,y} b. U(x,y)=x+2y c. U(x,y)=xy O d. None of them e. U(x,y)=x+y5
Chapter10: Consumer Choice Theory
Section: Chapter Questions
Problem 9P
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Transcribed Image Text:Which of the following utility
functions represent preferences of
a consumer who does not exhibit
homothetic preferences?
a. U(x,y)=min{x,y}
b.
U(x,y)=x+2y
c. U(x,y)=xy
O d. None of them
e.
U(x,y)=x+y5
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