If Sam's utility function is given by U(x, y) = x3y, what is the indirect utility function?(a) V (Pr. Py, I) =(b) V (Prs Py, 1) =IPr+Py(c) V (Pa. Py, 1) = (1)I2pz+3pyPu(d) V (PPy, 1) = () ()(e) V (pas Py, 1) =512px+3py

The utility function represents the relationship between utility and goods consumed.

If Sam's utility function is given by U(x, y) = xy, what is the indirect utility function? (a) V(pr. Py, I)= = 2pz +3py (b) V (PPy, 1) = p.tpy I) (c) V (P. Py, 1) = () () (d) V (Pa, Py, 1) = (2) (4) ру 51 (e) V(n n

If Sam's utility function is given by U(x, y) = xy, what is the indirect utility function? (a) V(pr. Py, I)= = 2pz +3py (b) V (PPy, 1) = p.tpy I) (c) V (P. Py, 1) = () () (d) V (Pa, Py, 1) = (2) (4) ру 51 (e) V(n n

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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Problem 1QTC

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Question

If Sam's utility function is given by U(x, y) = x3y, what is the indirect utility function?
(a) V (Pr. Py, I) =
(b) V (Prs Py, 1) =
I
Pr+Py
(c) V (Pa. Py, 1) = (1)
I
2pz+3py
Pu
(d) V (PPy, 1) = () ()
(e) V (pas Py, 1) =
51
2px+3py

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