Consumer Theory[2]:More on Utility Maximization (Cobb-Douglas, Leontief, Multiple Periods/Constraints), Value Function, Roy’s Identity

If we are making choices for choosing from more than two goods, it is convention to use vectors to vectors to represent our choice variables.  As such, the utility function remains same (except we have more X’s), the budget constraint can be compressed as M=PX, where X is vector of [X1,X2,X3…Xn] and P is the […]