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Question 3 The difference between the two utility functions is that the conventional one is based only on the number of units consumed of the

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Question 3 The difference between the two utility functions is that the conventional one is based only on the number of units consumed of the good While the LancasterMaler utility function includes the effect of characteristics of the good. The demand function for conventional utility model only depends on income and price While that for the LancasterMaler utility function also depend on characteristics of the good

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