The relationship between the expenditure function and many others!?

Question

I dont understand the relationships between Hicksian demand, walrasian demand (marshallian), the expenditure function and the indirect utility function (including the value function V(b)). I have found this subject very difficult and cannot comprehend how they relate to each other due to the formality that is used in the books I have available! I understand how to derive the indirect utility, however, I need to be comfortable to show how I can use it to derive the expenditure function and the rest and how they differ in dualities!

Answer 1

I would be more than happy to help you out here. I taught economics at Tufts University in Boston. I love microeconomic puzzles as much as some people are addicted to The Sunday Times crossword puzzle.

Duality is a little difficult to grasp at first. I think it is easier to comprehend looking at production and cost minimization. They are Identical.

Send me a message I know I can help you master this stuff.