Economics Archive: Questions from September 15, 2022
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Problem 1. Determine if the following functions are homogeneous, and if so, of what degree? 1. \( z(x, y)=\frac{x}{y} \) 2. \( z(x, y)=\frac{x^{4}}{y} \) 3. \( z(x, y, w)=x^{4}-5 y w^{3} \) 4. \( z(x,2 answers -
3. Graph the following utility functions a. \( U(x, y)=\max (x, 2 y) \) b. \( U(x, y)=\min (x, 2 y) \) c. \( U(x, y)=x+2 y \) d. \( U(x, y)=x^{1 / 2} y^{1 / 2} \) e. \( U(x, y)=x^{1 / 4} y^{3 / 4} \)1 answer