If the consumer preference on (x1, x2) can be represented as the following utility function: U...

If the consumer preference on (x1, x2) can be represented as the following utility function: U = 0,75 log ?1 + 0,25 log ?1 s.t. ?1?1 + ?2?2 = ?

a. Find the walrasian/marashallian demand function for both goods

b. Find the Indirect Utility Function

c. Show using example that the indirect utility function is homogenous of degree zero in p and I

Expert Solution

Rahul Sunny answered 2 years ago

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