Question: Consider the utility function u = 2 x + 4 y . ( a ) Find ordinary ( Marshallian ) demand for the two goods
Consider the utility function u
x y
a Find ordinary Marshallian demand for the two goods as a function of income and prices.
b Find compensated Hicksian demand.
c Find the expenditure function and verify Shephards Lemma.
d Find the indirect utility function and verify Roys identity.
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