an example please

QUESTION 2 Being a consumer, develop your own Cobb-Douglas consumption function, where you are modelling your demand for two services (NOT goods). Your budget constraint is as before total income earned equals to total expenditure and there is no savings. Do not use Cobb-Douglas functions as in your lecture notes. a) Explain your choice and demand for the two services you have selected and why the Cobb-Douglas Utility function is more relevant in your case. [4 marks] b) Write your maximization problem using the Lagrangian method. [2 marks] c) Find the Marshallian demand for each service. [6 marks] d) Find the indirect utility function and expenditure function. [4 marks] e) Find the Hicksian demand for each service. [4 marks] f) Compare and contrast using relevant diagrams the difference between the Slutsky and Hicksian substitution effects when there is a rise in the price of one of the services consumed. [5 marks] g) Explain how the utility maximization implies expenditure minimization and vice versa. [5 marks] [30 marks]