(5E)I need an urgent answer for this one! Instructions: 1. Show your complete solution to the problem. 2. State clearly your assumptions in your solution. 3. Type only the solutions here, please do not handwritten it. Make sure to make your equations, formulas and solutions clear and right.Please answer all the parts!I will click thumbs up if I'm satisfied with your service. 1. Assume you spend your entire income on two goods X & Y with prices given as Px & Py,respectively. Prices and income (1) are exogenous and positive. Given that U =X² + Y°,derive the Marshallian demand function for good Y and evaluate the type of good.2. Assume you spend your entire income on two goods X & Y with prices given as Px & Py,respectively. Prices and income (I) are exogenous and positive. Given that U= X'Y',derive the Hicksian demand function for good Y.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(5E) I need an urgent answer for this one! Instructions: 1. Show your complete solution to the problem. 2. State clearly your assumptions in your solution. 3. Type only the solutions here, please do not handwritten it. Make sure to make your equations, formulas and solutions clear and right. Please answer all the parts! I will click thumbs up if I'm satisfied with your service.

1. Assume you spend your entire income on two goods X & Y with prices given as Px & Py,
respectively. Prices and income (1) are exogenous and positive. Given that U =X² + Y°,
derive the Marshallian demand function for good Y and evaluate the type of good.
2. Assume you spend your entire income on two goods X & Y with prices given as Px & Py,
respectively. Prices and income (I) are exogenous and positive. Given that U= X'Y',
derive the Hicksian demand function for good Y.

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