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3. (30 points) Suppose your utility from consuming n goods is given by U(X1, ... , Xn); the price of each good Xi is Pi
3. (30 points) Suppose your utility from consuming n goods is given by U(X1, ... , Xn); the price of each good Xi is Pi (where i = 1, ..., n); and your income is lo. Using implicit differentiation (total derivative) demonstrate: a) (10 points) Whether the Marshallian demand for good x; is increasing or decreasing in its own price; . b) (10 points) Whether Oxi " ' c) (10 points) Whether the Marshallian demand for good Xi is increasing or decreasing in income
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