What are the properties of the following utility function Why in welfare economics does the assumption that
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What are the properties of the following utility function Why in welfare economics does the assumption that individuals have a decreasing marginal utility of income is often too strong and unnecessary?
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3 3 U = x1x2?
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The utility function presented is U x113 x223 Properties 1 CobbDouglas form This utility function exhibits a CobbDouglas form which is a specific functional form of production functions commonly used ...View the full answer
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