ENADE Ciências Econômicas Practice Questions - ENADE Ciências Econômicas - Exame Nacional De Desempenho Dos Estudantes Exam

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Let $e(p_1, p_2, u)$ be the expenditure function of a consumer with continuous and strictly monotonic preferences. Which property is NOT a general mathematical property of the expenditure function?

It is strictly concave in target utility $u$. It is concave in prices $p$. It is homogeneous of degree 1 in prices $p$. It is strictly increasing in target utility $u$ for all $p \gg 0$.

Correct Answer:

It is strictly concave in target utility $u$.

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