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Suppose that an individual's indirect utility function is given by: log P Py V(Px, Py, I) = PPy where Px and PY are the prices

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Suppose that an individual's indirect utility function is given by: log P Py V(Px, Py, I) = PPy where Px and PY are the prices of commodities, I is the level of total income, and o B y and n are parameters. a) Prove the homogeneity property. (4 points) b) Derive the expression of What is the economic meaning of this derivative? (6 points)

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