Assume there is consumer, his utility function is u(x,y) =8 * x0.5+y , and his budget constraint is px*x +y = m, which implies py = 1. Please derive the Marshallian demand function of x. Please derive the indirect utility function. Please derive the expenditure function

Assume there is consumer, his utility function is u(x,y) =8 * x0.5+y , and his budget constraint is px*x +y = m, which implies py = 1. Please derive the Marshallian demand function of x. Please derive the indirect utility function. Please derive the expenditure function

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Consumer Choice Theory

Section: Chapter Questions

Problem 16SQ

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Question

Assume there is consumer, his utility function is u(x,y) =8 * x^0.5+y , and his budget constraint is px*x +y = m, which implies py = 1.

Please derive the Marshallian demand function of x.
Please derive the indirect utility function.
Please derive the expenditure function

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