Question: Solve it plx Question 3 (30 points) Let U(x, y) = x04 + y04. Find the following: a. MRS b. Elasticity of substitution (o) c.

Solve it plx

Question 3 (30 points) Let U(x, y) = x04 + y04. Find the following: a. MRS b. Elasticity of substitution (o) c. Marshallian demand for x and y. d. Indirect utility. e. Expenditure function. f. Compensated (Hicksian) demand. For the following parts, unless otherwise specified, find the following properties of the Marshallian demand for good x: g. Own-price elasticity. h. Own-price elasticity using compensated demand (for this part only). i. Income elasticity

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