Question: Suppose you have a Cobb-Douglas utility function: U (qx, qy) : (Ii/391:. The the price of good :3 is Pm, the price of good 3;

Suppose you have a Cobb-Douglas utility function: U (qx, qy) :

Suppose you have a Cobb-Douglas utility function: U (qx, qy) : (Ii/391:\". The the price of good :3 is Pm, the price of good 3; is Py, and income is Y. (a) What is the consumer's problem and the Lagrangian here? (b) What is the optimal consumption choice of good a: and good y (i.e. q; and (1;)? (c) Show that if you double the income and prices that the choice of outcome does not change

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