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Demand Theory Quiz

Which of the following are properties of the Walrasian demand correspondence given a continuous utility function representing locally nonsatiated preferences on the consumption set X=R+^L?
Homogeneity of degree 1 in (p,w)
Homogeneity of degree 0 in (p,w)
Walras' law: p*x=w
Convexity/Uniqueness
Strictly increasing in w and nondecreasing in p for any p_l
Concave in p
Which of the following are properties of the indirect utility function given a continuous utility function representing locally nonsatiated preferences on the consumption set X=R+^L?
Continuous in p and w
Quasiconvex
Homogeneity of degree 0 in (p,w)
Convexity/Uniqueness
Strictly increasing in w and nondecreasing in p for any p_l
Homogeneity of degree 1 in (p,w)
Which of the following are properties of the expenditure function given a continuous utility function representing locally nonsatiated preferences on the consumption set X=R+^L?
Homogeneous of degree 1 in p
Homogeneous of degree 0 in p
Strictly increasing in u and nondecreasing in p for any p_l
Continuous in p and u
Concave in p
Convexity/Uniqueness
Which of the following are properties of the Hicksian demand correspondence given a continuous utility function representing locally nonsatiated preferences on the consumption set X=R+^L?
Homogeneous of degree 1 in p
Homogeneous of degree 0 in p
Strictly increasing in w and nondecreasing in p for any p_l
Continuous in p and u
Convexity/Uniqueness
No excess utility: for any x in h(p,u), u(x)=u
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