Question: Hi please help solve step-by-step thanks 1. A consumer has preferences represented by the utility function U(x_= Zz1 In(x;) where x; denotes the quantity consumed

Hi please help solve step-by-step thanks

Hi please help solve step-by-step thanks 1. A consumer has preferences represented

1. A consumer has preferences represented by the utility function U(x_= Zz1 In(x;) where x; denotes the quantity consumed of good i and n > 3. (a) Assuming that the consumer has fixed income y and can buy good j at price p; , find the ordinary and compensated demand elasticities for good 1 with respect to p; , j = 1, .. , n. (b) Suppose that the consumer is legally obligated to purchase an amount A. of good n (e.g. heating oil) where p.A.

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