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!
Determine the indirect utility function in brief.
Indirect Utility Function:
The ordinary utility function, u(x), is described over the consumption set X and thus to as the direct utility function. Specified prices p and income m, the consumer selects a utility-maximizing bundle x(p, m). There level of utility achieved while x(p, m) is chosen hence will be the highest level permitted through the consumer’s budget constraint facing p and m, and can be denoted through
v(p, m) = max u(x)
that is px = m.
The function v(p, m) which gives us the maximum utility attainable at specified prices and income is termed as the indirect utility function and therefore this is a compose function of u(•) and x(p, m), which is,
v(p, m) = u(x(p, m)).
WHAT IS OPPORTUNITY COST
Foreign Direct Investment: It is an investment by a company (based in one country) in an actual operating business, including real physical capital assets (such asmachinery, buildi
State trading is often associated with canalisation. Canalisation means estaolishment of state monomply in foreign trade. In other words, an item that is canalised can be imported
Show that when a plane wave is transmitted through a thin lens of focal length f in the direction parallel to the optical axis of the lens, its converted into a paraboloid wave (th
How has the haberler''s theory of opportunity cost an improvement over the classical theory of trade
In the case of a tax abolition on food staples, what are the short run and long run effects?
Trends in the Growth of Production and Productivity: From an analysis of the trends of growth of production and productivity of agricultural sector as a whole and of differen
Slutsky's Theorem: Graphical Presentation We prove here that own price effect is the sum of own substitution effect and income effect for a price change, which is known
Nile.com, the online bookstore, wants to increase it''s total revenue. One strategy is to offer a 10% discount on every book that sells. Nile.com knows it''s customers can be divid
What mass (in grams) of O2 gas is present in a 36.0 L container at 673.0 K at 23.8 atm O2 pressure if the gas is ideal?
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: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd