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For each of the following, determine whether u satisfies this property. If it does, prove this. If not, prove it does not (either by providing
For each of the following, determine whether u satisfies this property. If it does, prove this. If not, prove it does not (either by providing a counterexample or otherwise). The utility function is u(a, b, c)= min[(am+bm)1/m , c]
a) Homogeneous of degree 1
b) Homothetic
c) Quasi-linear
d) Additively separable
e) Weakly separable
Suppose now that an agent with this utility function faces the usual budget constraint (pa)a + (pb)b + (pc)C= Q
f) Using the 2-step maximisation process for weakly separable utility or find the Marshallian demand.
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