Question: Need help answering question 4. B. This problem is based on Homework 2, specifically 4.1 and 4.2 from the textbook. A consumer has wealth w,

Need help answering question 4.

Need help answering question 4. B. This problem is based on Homework2, specifically 4.1 and 4.2 from the textbook. A consumer has wealthw, faces prices p, and p2 for the two goods that giveher/him joy, a, and x2. Their utility is given by u(x1, X2)

B. This problem is based on Homework 2, specifically 4.1 and 4.2 from the textbook. A consumer has wealth w, faces prices p, and p2 for the two goods that give her/him joy, a, and x2. Their utility is given by u(x1, X2) = log(x1) + log(x2). 1. Using the Lagrangean method, find the consumer's Marshallian demand functions and their indirect utility function.2. Check directly that the multiplier you found gives the con- sumer's marginal utility of wealth.3. Using the Lagrangean method, find the consumer's Hicksian demand functions and their expenditure function.4. Check directly that the multiplier you found in the expenditure function is 1 over the multiplier you found for the indirect utility function. Explain why this must hold

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