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For problems 1-4 assume that U = XY. 1. Find the indirect utility function as a function of Px, Py and M. 2. Find
For problems 1-4 assume that U = XY. 1. Find the indirect utility function as a function of Px, Py and M. 2. Find the Hicksian (compensated) demand functions for X and Y as functions of P., Py and U. 3. Derive the expenditure function as a function of Px, Py and U. 4. Find the subsidy function for consumer to be able to stay on the same indifference curve.
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
538453257, 978-0538453257
