Question: Problem 1 Based on this utility function, u = X ax2 1-a C. a. please explain the characteristic of this utility function. b. Find the

Problem 1 Based on this utility function, u = X ax2

Problem 1 Based on this utility function, u = X ax2 1-a C. a. please explain the characteristic of this utility function. b. Find the demand function, Marshallian Demand from Xi and X2. And explain the characteristic of the demand function. Find the expenditure function and explain the characteristic of the expenditure function d. Find the Hicksian Demand function and explain the characteristic of the Hicksian Demand function. e. Can show me that this indirect utility function is legitimate indirect utility function. Explain. 0.5mp -0.5p2 -0.5 Problem 1 Based on this utility function, u = X ax2 1-a C. a. please explain the characteristic of this utility function. b. Find the demand function, Marshallian Demand from Xi and X2. And explain the characteristic of the demand function. Find the expenditure function and explain the characteristic of the expenditure function d. Find the Hicksian Demand function and explain the characteristic of the Hicksian Demand function. e. Can show me that this indirect utility function is legitimate indirect utility function. Explain. 0.5mp -0.5p2 -0.5

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