1. Consider a consumer with utility u(x1,x2) = .5lnx1 + .5lnx2 (b) Now, consider an equivalent representation of the above utility function x51 x52 Does this utility function have the "increasing difference property"? How about the "strict increasing difference" property?
1. Consider a consumer with utility u(x1,x2) = .5lnx1 + .5lnx2 (b) Now, consider an equivalent representation of the above utility function x51 x52 Does this utility function have the "increasing difference property"? How about the "strict increasing difference" property?
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 1.3P
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1. Consider a consumer with utility u(x1,x2) = .5lnx1 + .5lnx2
(b) Now, consider an equivalent representation of the above utility function
x51 x52 Does this utility function have the "increasing difference property"? How
about the "strict increasing difference" property?
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