Please write down its clear mathematical solution including all mathematical calculations (not explanation-like answer) in detail and step by step with hand-writing on a white paper as a picture. Thanks. 10. The utility function of a consumer is as follows:U(x1, x2) = max{ax₁, ax2} + min{x1, x2}where 0 < a < 1. Find the demand function, indirect utility function, expen-diture function, and Hicksian demand function.

The demand function provides the relationship between the price and the quantity demanded. For a…

10. The utility function of a consumer is as follows: U(x1, x2) = max {ax₁, ax2} + min{x₁, x2} where 0 < a < 1. Find the demand function, indirect utility function, expen- diture function, and Hicksian demand function.

10. The utility function of a consumer is as follows: U(x1, x2) = max {ax₁, ax2} + min{x₁, x2} where 0 < a < 1. Find the demand function, indirect utility function, expen- diture function, and Hicksian demand function.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please write down its clear mathematical solution including all mathematical calculations (not explanation-like answer) in detail and step by step with hand-writing on a white paper as a picture. Thanks.

10. The utility function of a consumer is as follows:
U(x1, x2) = max{ax₁, ax2} + min{x1, x2}
where 0 < a < 1. Find the demand function, indirect utility function, expen-
diture function, and Hicksian demand function.

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Step 1: Introduction to demand function, indirect utility function and Hicksian demand function

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Step 2: Derive demand function

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Step 3: Indirect Utility function

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Step 4: Expenditure Function

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Step 5: Hicksian Demand Function

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