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Properties of Indirect Utility Function

IMPORTANT EDIT Property 3 - Decreasing function of prices, when differentiating V with respect to P1, we get, 𝜕𝑉/(𝜕𝑃1) = 𝜕𝑈/(𝜕𝑋1) × (𝜕𝑋1)/(𝜕𝑃1) + 𝜕𝑈/(𝜕𝑋2) × (𝜕𝑋2)/(𝜕𝑃1). Also, under the same property, the equations derived from the derivation of utility maximisation using the Lagrangian multiplier, we get, 𝜕𝑈/(𝜕𝑋1) = 𝜆𝑃1 and 𝜕𝑈/(𝜕𝑋2) = 𝜆𝑃2. In the video, it is shown as 𝜕V instead of 𝜕𝑈. PLEASE NOTE THE SAME. 🎥For this video in English, click this link:    • Properties of Indirect Utility Function   📘For the notes on Indirect Utility Function and its Properties, click this link: https://totheworldofeconomics.wordpre... 📚World of Economics (Blog): https://totheworldofeconomics.wordpre... 🎞️Shika's World of Economics (English):    / @shikasworldofeconomics   💜Connect with me on Instagram:   / shikas_world_of_economics   ❤️Do subscribe and share the video❤️ ✴️Credits: Images from Freepik.com https://www.freepik.com/vectors/backg... - Background vector created by visnezh #mathematical #utility #advanced #microeconomics