Question
Suppose you have the following preferences u(x,y) = x a y b . Calculate the optimal demand functions. Is good y a normal or inferior
Suppose you have the following preferences u(x,y) = xayb. Calculate the optimal demand functions. Is good y a normal or inferior good?
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Principles of economics
Authors: N. Gregory Mankiw
6th Edition
978-0538453059, 9781435462120, 538453052, 1435462122, 978-0538453042
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