Question: Suppose the utility function for goods x and y is given by U(x,y) = xy + y 4.1. Calculate the uncompensated (Marshallian) demand functions for

Suppose the utility function for goods x and y is

Suppose the utility function for goods x and y is given by U(x,y) = xy + y 4.1. Calculate the uncompensated (Marshallian) demand functions for x and y and describe how the demand curves for x and y are shifted by changes in I or the price of the other good. 4.2. Calculate the expenditure function for x and y. 4.3. Use the expenditure function calculated in (4.2) to compute the compensated demand functions for goods x and y. Describe how the compensated demand curves forx and y are shifted by changes in income or by changes in the price of the other good. 4.4. Given money income = 6, px = 2, py= 2, calculate CV, EV, and consumer surplus when px becomes 4

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