Expenditure function
id:
expenditure-function-235-6378805
title:
Expenditure function
text:
In microeconomics, the expenditure function gives the minimum amount of money an individual needs to spend to achieve some level of utility, given a utility function and the prices of the available goods. Formally, if there is a utility function u that describes preferences over n commodities, the expenditure function says what amount of money is needed to achieve a utility u ∗ if the n prices are given by the price vector p .
This function is defined by where is the set of all bundles that give
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encyclopedia
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original url:
https://en.wikipedia.org/wiki/Expenditure_function
date created:
date modified:
2023-10-17T14:20:25Z
main entity:
{"identifier":"Q778609","url":"https://www.wikidata.org/entity/Q778609"}
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