Could you please help me only with the last part-money metric utility function? Thank you! Consider a utility maximizing consumer who generates utility according to thefollowing utility function: U=In(k)+s where k is the quantity of masksconsumed and s is the quantity of hand sanitizer consumed. Let the price of k, theprice of s, and income be noted as pk Ps, and M, respectively.Set up the utility maximizing Lagrangian and derive the Marshalliandemand functions. What is the quantity demand of k and s if income =$120 pk = $2 and ps = $12?Derive the indirect utility function and the expenditure function.Use Shephard's Lemma to derive the compensated (Hicksian) demandcurves.What is the money metric utility function in this case.

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What is the money metric utility function in this case.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Could you please help me only with the last part-money metric utility function? Thank you!

Consider a utility maximizing consumer who generates utility according to the
following utility function: U=In(k)+s where k is the quantity of masks
consumed and s is the quantity of hand sanitizer consumed. Let the price of k, the
price of s, and income be noted as pk Ps, and M, respectively.
Set up the utility maximizing Lagrangian and derive the Marshallian
demand functions. What is the quantity demand of k and s if income =
$120 pk = $2 and ps = $12?
Derive the indirect utility function and the expenditure function.
Use Shephard's Lemma to derive the compensated (Hicksian) demand
curves.
What is the money metric utility function in this case.

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