Properties of expenditure function are (in the context of utility theory),
A. Homogeneous of degree one in price, P
B. Strictly increasing in utility, u and non-decreasing in price, P for any good 1.
C. Concave in P
D. Continuous in P and u
E. Strictly convex in P
Choose the correct answer from the option given below:
1
A, C, D, E only
2
A, B, D, E only
3
A, B, C, D only
4
B, C, D, E only