Question: 3. Derive the demand function for the utility function u (x, y) = ln (3x) + Iny. Are the goods substitutes or complements? Are

3. Derive the demand function for the utility function u (x, y)

3. Derive the demand function for the utility function u (x, y) = ln (3x) + Iny. Are the goods substitutes or complements? Are x and y normal or inferior goods? Calculate (where possible) their price elasticities of demand, cross-price elasticities, and income elasticities.

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