=+5.10* Consider again the family of homothetic tastes. A. Recall that essential goods are goods that have
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=+5.10* Consider again the family of homothetic tastes.
A. Recall that essential goods are goods that have to be present in positive quantities in a consumption bundle in order for the individual to get utility above what he or she would get by not consuming anything at all.
a. Aside from the case of perfect substitutes, is it possible for neither good to be essential but tastes nevertheless to be homothetic? If so, can you give an example?
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Microeconomics An Intuitive Approach With Calculus
ISBN: 9781337335652,9781337027632
2nd Edition
Authors: Thomas Nechyba
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