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PDF] Diminishing Marginal Utility of Income? A Caveat | Semantic Scholar
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Consider a representative consumer whose preferences are represented by the utility function, where c is consumption and l is leisure. The consumer derives income from wages w and dividend income a. S
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Suppose the utility function is U(x, y) = min(x, y) Determine the substitution and income effect of a change in the price of x, and what is the demand equation for x?
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PDF] Diminishing Marginal Utility of Income? A Caveat | Semantic Scholar
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