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1. (24 Total Points) For Each of the following situations, i) Write the Indirect Utility Function ii) Write the Expenditure Function iii) Calculate the Compensating
1. (24 Total Points) For Each of the following situations, i) Write the Indirect Utility Function ii) Write the Expenditure Function iii) Calculate the Compensating Variation iv) Calculate the Equivalent Variation a) U(X,Y) = X1/2Y1/2. M=$288. Initially, Px = 16 and Py = 1. Then the Price of X changes to Px = 9. i) Indirect Utility Function: ii) Expenditure Function: iii) CV = iv) EV =
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