Just some economic exercises. Please, Note that in question 4 part (a) There are some mistakes. Just to clarify, a homothetic function is a monotonic transformation of a homogeneous function, therefore, the function itself might not be homogeneous, but it can be homothetic anyway. I will put the right answer as soon as possible :o)
Just some economic exercises. Please, Note that in question 4 part (a) There are some mistakes. Just to clarify, a homothetic function is a monotonic transformation of a homogeneous function, therefore, the function itself might not be homogeneous, but it can be homothetic anyway. I will put the right answer as soon as possible :o)
Just some economic exercises. Please, Note that in question 4 part (a) There are some mistakes. Just to clarify, a homothetic function is a monotonic transformation of a homogeneous function, therefore, the function itself might not be homogeneous, but it can be homothetic anyway. I will put the right answer as soon as possible :o)