Properties of the Indirect Utility Function | Income | Consumer | Economics
The utility of x can be written as u(x). It is continuous and strictly increasing on Rn+. There are six properties of the indirect utility function. Such properties are explained along with proof as follows: Property 1: Continuous on Rn++ * R+: Proof: The utility of x, u(x) is a continuous function. There might be the change in the income [...]