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For each of the following utility functions, derive the income offer curve, Engel curves, and demand curves (a) u(x1,x2 )=(x1^3/5) (x2^2/5) (b) u(x1,x2)=min{x1,3x2} (c) u(x1,
For each of the following utility functions, derive the income offer curve, Engel curves, and demand curves (a) u(x1,x2 )=(x1^3/5) (x2^2/5) (b) u(x1,x2)=min{x1,3x2} (c) u(x1, x2) = 3ln(x1) + 2x2 (d) u(x1,x2)=2x1 +3x2
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Economics
Authors: John Sloman, Jon Guest, Dean Garratt
10th edition
1292187859, 9781292187907 , 978-1292187853
