Leontief utility function, first conceptualized by Wassily Leontief, are of the form
Solving for Walrasian–Marshallian demand
Solving for Walrasian–Marshallian demand is a simple affair with utility functions representing Leontief preferences. One need only set equal the terms of the min function and solve then w.r.t the income constraint [Income = (p1)*(x1)+ ... + (pn)(xn)]
- "Intermediate Micro Lecture Notes". Yale University. 21 October 2013. Retrieved 21 October 2013.
|This economic theory related article is a stub. You can help Wikipedia by expanding it.|