Question
Let the utility function of a consumer U, be defined over a set of two goods X and Y, U=U(X Y); a. Compute the degree
Let the utility function of a consumer U, be defined over a set of two goods X and Y, U=U(X Y);
a. Compute the degree of homogeneity of this function of (assume + = 1)
b. Show whether this function is concave.
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Microeconomics Theory and Applications with Calculus
Authors: Jeffrey M. Perloff
3rd edition
133019934, 978-0133019933
