Indirect Utility Functions Are Homogeneous of Degree 1 in Income

question 3

True/False

Indirect utility functions are homogeneous of degree 1 in income.

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Definitions:

Sequential

Pertaining to a process or series of events that follow a specific order, one after the other.

Incremental

Relating to or denoting an increase or addition, especially one of a series on a fixed scale or in discrete units.

Pushbutton

A simple switch mechanism for controlling some aspect of a machine or a process, often used to start or stop functions.