please solve this. urgently need this question SuPPase a consumer has the utility function overgoods x and y:u (x.4)= 3x" yso(a) Setup the expenditure minimization Problem Usingū as the minimum utility Jevel.(b) solve the expenditure Problem for the ComPensatedHiksian de mand evuationx° (Pas Py ,ū ) and y (Pa sPg, ū)Then, wite out the minimum exPendituse function(c) ComPare the compensated demand calculatedwith Marshallian demand for the analogousPooblem, and show the eYuivalence resultehold.

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1) SuPPase a consumer has the utility function over goods x and y: you (a) Setup the exPendit ure minimization Problem Using ū as the minimum utility Jevel. (b) Sove the expenditure Problem for the ComPensated Hick sian de mand eguation x* (Par Py ū ) and y(Pa iPg,ū) Then, write out the minimum ex Pendituse function /3 %3D (c) ComPare the compensated demand calculated with Harshallian demand for the analogous Pooblem, and show the eruivalence resulte hold.

1) SuPPase a consumer has the utility function over goods x and y: you (a) Setup the exPendit ure minimization Problem Using ū as the minimum utility Jevel. (b) Sove the expenditure Problem for the ComPensated Hick sian de mand eguation x* (Par Py ū ) and y(Pa iPg,ū) Then, write out the minimum ex Pendituse function /3 %3D (c) ComPare the compensated demand calculated with Harshallian demand for the analogous Pooblem, and show the eruivalence resulte hold.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

please solve this. urgently need this question

SuPPase a consumer has the utility function over
goods x and y:
u (x.4)= 3x" yso
(a) Setup the expenditure minimization Problem Using
ū as the minimum utility Jevel.
(b) solve the expenditure Problem for the ComPensated
Hiksian de mand evuation
x° (Pas Py ,ū ) and y (Pa sPg, ū)
Then, wite out the minimum exPendituse function
(c) ComPare the compensated demand calculated
with Marshallian demand for the analogous
Pooblem, and show the eYuivalence resulte
hold.

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