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For each of the utility functions below classify them into Homothetic , Quasilinear, both or neither. Make sure you briefly explain why you made that choice. (a) u(x1, x2) = min{2x1, x2} (b) u(x1, x2) = xỉ + x} (c) u(x1, x2) = In(x1) + In(x2) (d) u(x1, x2) = 2x1 + x2 (e) u(x1, x2) = -(x1 – 1)² – (x2 – 1)?

For each of the utility functions below classify them into Homothetic , Quasilinear, both or neither. Make sure you briefly explain why you made that choice. (a) u(x1, x2) = min{2x1, x2} (b) u(x1, x2) = xỉ + x} (c) u(x1, x2) = In(x1) + In(x2) (d) u(x1, x2) = 2x1 + x2 (e) u(x1, x2) = -(x1 – 1)² – (x2 – 1)?

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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For each of the utility functions below classify them into Homothetic , Quasilinear, both or neither. Make sure you briefly explain why you made that choice. (a) u(x1, x2) = min{2x1, x2} (b) u(x1, x2) = x} + x3 (c) u(x1, x2) = In(x1) + In(x2) (d) u(x1, x2) = 2x1 + x2 (e) u(x1, x2) = –(x1 – 1)² – (x2 – 1)2
Transcribed Image Text:For each of the utility functions below classify them into Homothetic , Quasilinear, both or neither. Make sure you briefly explain why you made that choice. (a) u(x1, x2) = min{2x1, x2} (b) u(x1, x2) = x} + x3 (c) u(x1, x2) = In(x1) + In(x2) (d) u(x1, x2) = 2x1 + x2 (e) u(x1, x2) = –(x1 – 1)² – (x2 – 1)2
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