=+B.* Now suppose that tastes can be summarized by the CES utility function u1c,,2 5 10.5c 2r

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=+B.* Now suppose that tastes can be summarized by the CES utility function u1c,,2 5 10.5c 2r 1 0.5, 2r 2 21/r

, where c is consumption and , is leisure.

a. Are there values for r that would result in the scenario in A(a)?

b. Are there values for r that would result in the scenario in A(b)?

c. Are there values for r that would result in the scenario in A(c)?

d. Are there values for r that would result in the scenario in A(d)?

e. Are there values for r that would result in the scenarios in A

(e) and A(f)?

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Microeconomics An Intuitive Approach With Calculus

ISBN: 9781337335652,9781337027632

2nd Edition

Authors: Thomas Nechyba

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Question Posted: Nov 04, 2024 06:00 AM

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=+B.* Now suppose that tastes can be summarized by the CES utility function u1c,,2 5 10.5c 2r

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Microeconomics An Intuitive Approach With Calculus

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