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Derive the indirect utility and expenditure functions

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Given the CES utility function U(x,y)=x^δ/δ+y^δ/δ

Show that the ?rst-order conditions for a constrained utility maximum with this function require individuals to choose goods in the proportion x/y=(?p_x⁄p_y )?^(1⁄((δ-1)))

Derive the indirect utility and expenditure functions for this case and check your results by describing the homogeneity properties of the functions you calculated.

Reference no: EM132617853

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