The indirect utility function for a consumer with a utility function U(x₁, x₂) is defined to be a function V(p₁, p₂, m) such that V(p₁, p₂, m) is the maximum of U(x₁, x₂) subject to the constraint that the consumer can afford (x₁, x₂) at the prices (p₁, p₂) with income m.
a. Find the indirect utility function for someone with the utility function U(x, y) = 2x + y.
b. Find the indirect utility function for someone with the utility function U(x, y) = min{ 2x, y}. Explain how you got your answers.

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The Answer of The indirect utility function for a consumer with a utility function U(x₁, x₂) is defined to be a function V(p₁, p₂, m) such that V(p₁, p₂, m) is the maximum of U(x₁, x₂) subject to the constraint that the consumer can afford (x₁, x₂) at the prices (p₁, p₂) with income m. a. Find the indirect utility function for someone with the utility function U(x, y) = 2x + y. b. Find the indirect utility function for someone with the utility function U(x, y) = min{ 2x, y}. Explain how you got your answers.

The Indirect Utility Function for a Consumer with a Utility