Math Problem Statement
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Math Problem Analysis
Mathematical Concepts
Utility Function
Demand Functions
Slutsky Equation
Substitution Matrix
Indirect Utility Function
Formulas
Demand Functions: xᵢ(p₁, p₂, y)
Slutsky Equation: ∂xᵢ/∂pⱼ = ∂xᵢ/∂pⱼ|_u - (xᵢ * ∂xⱼ/∂y)
Indirect Utility Function: u(x₁, x₂) = x₁ᵃ * x₂ᵝ s.t. p₁x₁ + p₂x₂ = y
Theorems
Slutsky's Theorem
Shephard's Lemma
Suitable Grade Level
University Level - Economics
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