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Problem 1 Indirect utility function : a. What is the Walrasian demand for good 1? b. What is the expenditure function? c. What is the Hicksian demand...

Midretake-P1-Advanced Microeconomics-General Equilibrium
Indirect utility function

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Problem 1 Indirect utility function : a. What is the Walrasian demand for good 1? b. What is the expenditure function? c. What is the Hicksian demand of consumer for good 1 at =(8,20,40)?
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Problem 1
Indirect utility function :
a. What is the Walrasian demand for good 1?
The Walrasian demand for good 1 is given by,
x1 = - (δv/δp1)/(δv/δw)
(δv/δP1) =...

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