Let assume that a consumer has a utility function u(x, y) = xy, and px =...

Let assume that a consumer has a utility function u(x, y) = xy, and px = 1 dollar, py = 2 dollars and budget=50. Derive the followings. (3 points each)

1) Marshallian demands of x and y

2) Hicksian demands of x and y

3) Indirect utility function

4) Expenditure function

5) Engel curve

Expert Solution

Rahul Sunny answered 2 years ago

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