Question 2- Suppose a consumer with bomothetic preferences over bundle.docx
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Question 2. Suppose a consumer with bomothetic preferences over bundles of goods in R + n , i.e., this consumer has a utility function u that is homogeneous of degree 1 . Assume that the usual assumptions about utility functions hold (Assumption 1.2) and that u is C 2 . (a) Show that the indirect utility function v is linear in income, i.e. v ( p , y ) = y v ( p , 1 ) for p R ++ n , y 0 . (b) Show that also the Marshallian demands are linear in income. .
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