5 Mathematical Derivation of Demand Curves of Cobb Douglas, Perfect Complements, Perfect Substitutes, Quasi-linear and max utility functions
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In the following videos we show how to derive marshallian demand vector of the form x*(p,m) and y*(p,m)
Budget equation is m=p1x + p2y
We have several utility functions. Our motive is to derive maximum utility subject to the budget or income given.
Cobb Douglas U=xy
Perfect Complements U=min{x,y}
Perfect Substitutes U = x+y
Max utility functions U =max{x,y}
Quasilinear utility functions U = root x + y