Question: Consider the following utility function: U = M in(X; Y ). (I) Find the income and substitution effects. (II) Draw the compensated and Marshallian demand

Consider the following utility function: U = M in(X; Y ).

(I) Find the income and substitution effects.

(II) Draw the compensated and Marshallian demand curves.

2. Consider the following utility function: U = Min(X, Y). (I) Find the income and substitution effects. (II) Draw the compensated and Marshallian demand curves

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