Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Explain about the duality between direct and indirect utility.
Duality between Direct and Indirect Utility:
While seen how one can recover an indirect utility function by observed demand functions through solving the integerability equations. Now see how to resolve for the direct utility function.
The answer demonstrates quite nicely the duality between direct and indirect utility functions. This is most convenient to define the computations in terms of the normalized indirect utility function, there prices divided by income therefore expenditure is identically one. Hence the normalized indirect utility function is specified by
v(p) = maxx u(x)
that is px = 1
Dynamic Changes in Costs: The Learning Curve
Suppose scientists discover that eating soybeans prevents cancer and heart disease. What effect would you predict on the price of soybeans?
Survey Methods: The most direct method of forecasting demand in the short run is survey method. Surveys are conducted to collect information about future purchase plans of the
methylcyclohexene + HI by the catalyst of H3PO4
if australian governmrnt imposed a sales tax on petrol by $0.25, then the price of petrol will rise by 0.25. consumers can not get by without petrol, so they have to pay the whole
what is the second best?prove the theorem with the help of a diagram?
(Cost minimization) a) What are the expressions for the marginal product of every of the two inputs in producing credit hours? b) What is the expression for the marginal r
1. Consider a model economy with a production function Y = K 0.2 (EL) 0.8 , where K is capital stock, L is labor input, and Y is output. The savings rate (s), which is define
Demand is defined as a schedule of the quantities fo good that will be purchased at various prices similarly the supply refers to the schedule of the quantities of a good that will
how can a price ceiling make consumers better-off? under what conditions might it make them worse off?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd