Is the following statement true or false Explain quot If a consumer 39 s utility function is of...........

Economics-I Theory of Consumer’s Demand

Is the following statement true or false ? Explain.

"If a consumer's utility function is of the form = $x_{1}^{\frac{1}{3}} x_{2}^{\frac{1}{3}}$ , she faces prices p_{1 and}p₂and her income is I, Then her indirect utility function is V=I³/ (3p₁p₂). " (100 words) (5 Marks)