Question: 1. Consider an expenditure minimization problem for the utility function u(x) where u(x) represents strictly convex and strictly monotonic preferences over 2 goods. a. Formulate

1. Consider an expenditure minimization problem for the utility function u(x) where u(x) represents strictly convex and strictly monotonic preferences over 2 goods. a. Formulate precisely the Hicksian expenditure minimization problem. b. Show how to generate a Marshallian demand using a Hicksian formulation of demand. Be precise. c. Using the first order conditions for the Hicksian problem using a Lagrangian method, and show the MRS between good 1 and 2 is equal to the price ratio between the two goods for any interior solution d, Explain why if preferences are strictly convex, the Hicksian demand is unique.

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