In customer theory there are some useful analytic results

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Q1. Why are property rights important for the growth of a nations standard of living

Q2. The marketplace for milk is initially in equilibrium. Milk producers now engage in a costly advertising program to encourage milk drinking. Assume that the advertising campaign succeeds in shifting customer tastes toward drinking milk. Standard demand and supply analysis tells us:

Q3. In customer theory there are some useful analytic results that can come from studying homothetic utility functions of consumption
for each of the following, derive marshalling demand, hicksian demand and indirect utility function using the standard budget constraint p1+p2x2=y

u(x1,x2)=max(x1,x2)

u(x1,x2)=min(x1,x2)

Reference no: EM1317738

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