please post a step by step answer. im lost

3. (20 points) Pat eats eggs and toast for breakfast and insists on having three pieces of toast for every two eggs he eats. (a) (5 points) What is Pat's utility function? (b) (5 points) Suppose the price of eggs increases, but we can compensate Pat to make him just as happy as he was before the price change. After this compensation, what happens to Pat's consumption of eggs? Draw a diagram to explain your answer (note: you can draw a general version, meaning you don't have to label anything with specific numbers). What do we call this effect? (c) (5 points) When the price of eggs increases, Pat feels poorer than he did before. What happens to Pat's consumption of eggs solely as a result of this decline in purchasing power? Show this on your diagram. What do we call this effect? (d) (5 points) Using your answers from (b) and (c), write Pat's Slutsky equation for eggs. 4. (30 points) Marvin has a Cobb-Douglas utility function U(x1,x2)=x11/2x21/2. (a) (5 points) Derive Marvin's expenditure function. (b) (10 points) Suppose m=100,p10=1,p11=2, and p2=2. Calculate Marvin's compensating variation and equivalent variation. Interpret. (c) (5 points) Calculate Marvin's change in consumer surplus. Interpret. (d) (5 points) Draw a diagram of indifference curves and budget constraints to show Marvin's compensating and equivalent variation. (Hint: Look at slide 18 in 04 Consumer Theory IV.) (e) (5 points) Using the diagram in (d), draw Marvin's uncompensated and compensated demand curves to show his compensating variation, equivalent variation, and change in consumer surplus. (Hint: Look at slides 21-22 in 04 Consumer Theory IV.) 3. (20 points) Pat eats eggs and toast for breakfast and insists on having three pieces of toast for every two eggs he eats. (a) (5 points) What is Pat's utility function? (b) (5 points) Suppose the price of eggs increases, but we can compensate Pat to make him just as happy as he was before the price change. After this compensation, what happens to Pat's consumption of eggs? Draw a diagram to explain your answer (note: you can draw a general version, meaning you don't have to label anything with specific numbers). What do we call this effect? (c) (5 points) When the price of eggs increases, Pat feels poorer than he did before. What happens to Pat's consumption of eggs solely as a result of this decline in purchasing power? Show this on your diagram. What do we call this effect? (d) (5 points) Using your answers from (b) and (c), write Pat's Slutsky equation for eggs. 4. (30 points) Marvin has a Cobb-Douglas utility function U(x1,x2)=x11/2x21/2. (a) (5 points) Derive Marvin's expenditure function. (b) (10 points) Suppose m=100,p10=1,p11=2, and p2=2. Calculate Marvin's compensating variation and equivalent variation. Interpret. (c) (5 points) Calculate Marvin's change in consumer surplus. Interpret. (d) (5 points) Draw a diagram of indifference curves and budget constraints to show Marvin's compensating and equivalent variation. (Hint: Look at slide 18 in 04 Consumer Theory IV.) (e) (5 points) Using the diagram in (d), draw Marvin's uncompensated and compensated demand curves to show his compensating variation, equivalent variation, and change in consumer surplus. (Hint: Look at slides 21-22 in 04 Consumer Theory IV.)