Mathematics, 05.03.2020 19:45 HOBA6

Two of the simplest utility functions are: 1. Fixed proportions: Uðx, yÞ ¼ min½x, y*. 2. Perfect substitutes: Uðx, yÞ ¼ x þ y a. For each of these utility functions, compute the following: • Demand functions for x and y • Indirect utility function • Expenditure function b. Discuss the particular forms of these functions you calculated—why do they take the specific forms they do?

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Two of the simplest utility functions are: 1. Fixed proportions: Uðx, yÞ ¼ min½x, y*. 2. Perfect sub...