Solution-Based on the following demand functions

Based on the following demand functions

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Reference no: EM131699384

Based on the following demand functions, determine whether good 1 is a normal good or inferior good, whether it is an ordinary good or Giffen good, and whether good 2 is a substitute or complement for good 1

(a) x(p₁,p₂,m) = m / 3p₁+p₂

(b) x(p₁,p₂,m) = (m^1/4)(p₁^1/4) / (p₂^3/4)

(hint: consider only the combinations of prices and incomes such that x₁(p₁,p₂,m) ≤ m/p₁, i.e., the analysis ignoring the possibility that x₁(p₁,p₂,m) > m/p₁).

Reference no: EM131699384

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Based on the following demand functions

Reference no: EM131699384

Reference no: EM131699384

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