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Function depends only on the relative sizes

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Reference no: EM131605656

a. Show that CES function U(x, y) = α x ^ δ/δ + β y^δ/δ is homothetic.

b. Show that the MRS is strictly diminishing on x for all values of δ < 1.

c. Show that if x = y, the MRS for this function depends only on the relative sizes of α and β.

d. Find the Marshallian demands when δ = 0.5

Reference no: EM131605656

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