2.(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) = X^1/2Y^1/2.M = $288.Initially, P_X = 16 and P_Y = 1.Then the Price of X changes to P_X = 9.

i) Indirect Utility Function:__________________________

ii) Expenditure Function:____________________________

iii) CV = ________________

iv) EV = ________________

b) U(X,Y) = MIN (X, 3Y).M = $40.Initially, P_X = 1 and P_Y = 1.Then the Price of X changes to P_X = 3.

i) Indirect Utility Function:__________________________

ii) Expenditure Function:____________________________

iii) CV = ________________

iv) EV = ________________