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a. U(x,y)=x0.1y0.4 b. U(x,y)=min(x,y) c. U(x,y)=x+y hen calculate the following i. Demand curves
for x and y ii. Indirect utility function iii. (Indirect) expenditure function iv. Show that the demand
curve is homogeneous in degree zero in terms of income and prices

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  • 1. a. U(x,y)=x0.1y0.4 b. U(x,y)=min(x,y) c. U(x,y)=x+y hen calculate the following i. Demand curves for x and y ii. Indirect utility function iii. (Indirect) expenditure function iv. Show that the demand curve is homogeneous in degree zero in terms of income and prices