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2.3 Now suppose the utility function is given by U(c, h) = 2 c + 2 Vh. Once again formulate and solve the utility-maximization problem

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2.3 Now suppose the utility function is given by U(c, h) = 2 c + 2 Vh. Once again formulate and solve the utility-maximization problem (not worrying about second-order conditions) and find the demand func- tions. Then formulate the expenditure minimization problem and find the compensated demand fuentions. Finally, combine these two con- firm that the Slutzky equation holds. 2

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