1.Dan's utility function is U(x,y) =7.5 x1.7y6.6. Dan's income is 154.6 dollars, the price of good X is 7.8 and the price of good Y is 1.1, What is the slope of Dan's income expansion path, dy/dx, on a graph where good X appears on the horizontal axis and good Y appears on the vertical axis.
2.
Select the correct statement or statements among those given below.
F.Compensated demand curves must be downward sloping.
G.The income expansion path is upward sloping in the presence of an inferior good.
H.Inferior goods can be ordinary goods and Giffen goods must be inferior.
I.The indirect utility function must be homogeneous of degree 0 in prices and income.
Select the correct statement or statements among those given below.
F.Compensated demand curves must be downward sloping.
G.The income expansion path is upward sloping in the presence of an inferior good.
H.Inferior goods can be ordinary goods and Giffen goods must be inferior.
I.The indirect utility function must be homogeneous of degree 0 in prices and income.
Select the correct statement or statements among those given below.
F.Compensated demand curves must be downward sloping.
G.The income expansion path is upward sloping in the presence of an inferior good.
H.Inferior goods can be ordinary goods and Giffen goods must be inferior.
I.The indirect utility function must be homogeneous of degree 0 in prices and income.
Select the correct statement or statements among those given below.
F.Compensated demand curves must be downward sloping.
G.The income expansion path is upward sloping in the presence of an inferior good.
H.Inferior goods can be ordinary goods and Giffen goods must be inferior.
I.The indirect utility function must be homogeneous of degree 0 in prices and income.
.