Question: Consider the following indirect utility function derived from a consumer's utility maximization: v ( p , y ) = 1 ( y p 1 )

Consider the following indirect utility function derived from a consumer's utility maximization:
v(p,y)=1(yp1)1+2(yp2)2
where y is income, pi is price of commodity i, for i=1,2. and i and i are parameters.
(a) Determine the Lagrange multiplier of the underlying consumer's utility maximization
problem.
[8 Marks]
(b) Determine the Marshallian demand functions.
[12 Marks]
(c) Explain the concept of duality in consumer theory.
[10 Marks]
Consider the following indirect utility function

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