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Give separate arguments to support your claims as to their slope, curvature, and the direction of increasing utility

In the two good case, the level sets of the indirect utility fuction in the price space are sets of the form

{(p1,p2) 'vertical line' v(p1,p2,y) = v0} for when v0 is an element in the set of real numbers

These are sometimes called price-indifference curves. Sketch a possible map of price-indifference curves. Give separate arguments to support your claims as to their slope, curvature, and the direction of increasing utility

note: I don't have the equation editor so where it says 'vertical line', there is a vertical line in the equation

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9207552

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