consider a consumer that has Cobb-Douglas utility

Problem Set 2 Economics 410/510 Due September 14, 2020 1. (3 points) Duality Consider a consumer that has Cobb-Douglas utility : U= 40 XY a) How much will this consumer purchase if 1=800, P. = 5, and Py = 20? bl) Write the indirect utility function for this consumer as a function of I, P., and Py b2) Use the indirect utility function to calculate the utility of this consumer if I=800, P. = 5, and Py = 20? cl) Write the expenditure function for this consumer as a function of U, Ps, and Py c2) Use the expenditure function to calculate how much this consumer will spend if U = 1280 . P. = 5, and Py = 20