Question: pls help me thanks 2 41 3. You are given the Indirect Utility Function: V(p, 1) = 5p .5p2 a. Explain very carefully how you

pls help me thanks

2 41 3. You are given the Indirect Utility Function: V(p, 1) = 5p .5p2 a. Explain very carefully how you would determine the substitution effect associated with a change in p1 from $1 to $2. (6 marks) b. Suppose that U=100 and p2=$1, what is the exact substitution effect associated with a change in p1 from $1 to $2? (4 marks)

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