Question: Given the utility function U : XO.5+YO.5 and budget constraint I:Px X+ Py Y, (a) Is this utility function is homothetic? (b) Derive the consumer's

Given the utility function U : XO.5+YO.5 and budget constraint I:Px

Given the utility function U : XO.5+YO.5 and budget constraint I:Px X+ Py Y, (a) Is this utility function is homothetic? (b) Derive the consumer's demand functions for goods X and Y. (0) Obtain the numerical values of the ownprice elasticity, cross-price elasticity, and the income elasticity of demand for X and Y

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