2 Answered Questions for the topic micro data
Micro Data Microeconomics
In simple terms: what are the implications of homothetic and nonhomothetic consumer preferences?
I am looking for a simple explanation of the implication of having homothetic/nonhomethetic preferences in relation to consumers' preferences when consuming goods.
Selecting the best utility function for households?
I have little to no background in micro, but I'm learning about utility functions. It seems that there are many forms of utility functions for households. In general terms, how does one go on to... more