for U(xy)=x 0.3 and 0.7 , differentiate the: to. Marshallian demand functions, b. indirect utility function, C.
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Question:
for U(xy)=x 0.3 and 0.7 , differentiate the:
to. Marshallian demand functions,
b. indirect utility function,
C. expenditure function, and
d. Hicksian offset demands.
my. Starting from I=100 p y =1 p x =1, suppose that the price of x doubles. Find the original and new quantities of x and y that maximize profit. Draw the original and new budget constraints, along with the indifference curves passing through the original and new equilibria.
F. How much additional income would be needed to pay the original amounts of x = 1 and y? How much additional income would be needed to reach the original level of profit?
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