Please I need answer of D, E urgently. 3.Assume there is consumer, his utility function is u(x,y) = x0.5+ y, and his%3Dbudget constraint is px*x +py*y = m.а.Please derive the Marshallian demand functions.b.When would you have a corner solution?Please derive the expenditure function.Please verify that expenditure function E(p; u) is homogeneous of degree 1 inC.d.prices.If originally, m = 40, py = 8, px =1, but now a tax on good x has been collected, this makes px%3Dincreases from 1 to 2.What is the consumer's compensating variation and his equivalent variation?If the tax is collected from income instead of good x, the total amount of taxis the same as the total tax collected from the sale of good x. Would the consumer beе.f.better off? Please verify your conclusion.

Given information U=X0.5+Y Px=$1, Py=$8, M=$40 After tax collection on good X price of good X…

Assume there is consumer, his utility function is u(x,y) = x0.5 + y, and his %3D budget constraint is px*x +py*y = m. а. Please derive the Marshallian demand functions. b. When would you have a corner solution? Please derive the expenditure function. Please verify that expenditure function E(p; u) is homogeneous of degree 1 in С. d. prices. If originally, m = 40, py = 8, px =1, but now a tax on good x has been collected, this makes px %3D increases from 1 to 2. What is the consumer's compensating variation and his equivalent variation? If the tax is collected from income instead of good x, the total amount of tax is the same as the total tax collected from the sale of good x. Would the consumer be е. f. 3.

Assume there is consumer, his utility function is u(x,y) = x0.5 + y, and his %3D budget constraint is pxx +pyy = m. а. Please derive the Marshallian demand functions. b. When would you have a corner solution? Please derive the expenditure function. Please verify that expenditure function E(p; u) is homogeneous of degree 1 in С. d. prices. If originally, m = 40, py = 8, px =1, but now a tax on good x has been collected, this makes px %3D increases from 1 to 2. What is the consumer's compensating variation and his equivalent variation? If the tax is collected from income instead of good x, the total amount of tax is the same as the total tax collected from the sale of good x. Would the consumer be е. f. 3.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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