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Explain the degree of homogeneity for the utility function

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Reference no: EM132275700

U= (x1 x2 /x1+x12)x^2

a. Determine mathematically whether the utility function given above is homogeneous

b. Determine and explain the degree of homogeneity for the utility function if it is homogeneous

c. Explain what is meant by a homogeneous utility function

Reference no: EM132275700

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