Microeconomic Theory
12th Edition
ISBN: 9781337517942
Author: NICHOLSON
Publisher: Cengage
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Chapter 4, Problem 4.11P
a)
To determine
The first-order conditions for a constrained utility maximum with the CES utility function
b)
To determine
The result from part a implies that individuals would allocate funds equally between x and y.
c)
To determine
The way which shows the ratio
d)
To determine
Indirect utility and expenditure functions and description of result that shows homogeneity properties of the functions.
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