3.2 Now consider the case of a consumer with Cobb-Douglas indirect utility function v(p, y) and Hicksian demand function for good 1 = y (1-a) (p,u)=au Pip₂ a P2 P1 P1 P2 Demonstrate that the Slutsky equation holds for the own-price effect for good 2₁.

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Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.