suppose the cobb -douglas utility function is given by U(x,y)=xalfay1-alfa,where alfa is greater than equal to zero but less than equal to 1calculate the indirect utility function for this cobb douglas casecalculate the expenditure function for this caseshow explicitly how the compensation required to offset the effect of the rise in price of x is related to the size of component alfa
suppose the cobb -douglas utility function is given by U(x,y)=x alfa y 1-alfa ,where alfa is greater than equal to zero but less than equal to 1
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