If Tastes Are Homothetic, There Exists a Utility Function (That

question 13

True/False

If tastes are homothetic, there exists a utility function (that represents those tastes) such that the indirect utility function is homogeneous of degree 1 in income.

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Definitions:

Orderly Shutdown

An orderly shutdown refers to the process of systematically turning off a computer or network system in a controlled manner to avoid data loss or damage.

MCR Instruction

A "Master Control Reset" command used in programmable logic controllers to reset the state of specified outputs to a predefined state.

Master Control Relay

A primary relay used within a control system that can shut down or enable operation of various parts of the system, acting as a safety and control element.

Override Instruction

A command that temporarily bypasses the normal operation of a system or component, allowing manual control.