Let v(p, y) be some agent's indirect utility function. Show that demand behavior is invariant to arbitrary, positive monotonic transforms of v(p, y). Conclode that any such transform of the indirect utility function can itself serve as the agenis indirect utility function. | Numerade

What Is the Law of Diminishing Marginal Utility?

How do economists indirectly measure utility, given that it is subjective and cannot be directly measured? | Shaalaa.com

Excel INDIRECT Function: Formulas and Examples (2024)

SOLVED:Suppose that the indirect utility function takes the form v(p, y)= f(p) y . What is the form of the expenditure function? What is the form of the indirect compensation function, μ(p ; q, y) in terms of the function f(·) and y ?

How to Use the Excel INDIRECT Function

SOLVED: Suppose that we have a utility function involving two goods that is linear of the form U =ax by.a. Derive demand functions for x and yb. Derive indirect utility functionsc. Derive the expenditure function for this utility function. Hint: The expenditure functionwill have kinks at various price ratios.

How do economists indirectly measure utility, given that it is subjective and cannot be directly measured? | Shaalaa.com