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3. Consider the Cobb-Douglas utility function, u(x1, x2) = 3 4 ln x1 + 1 4 ln x2. Use the MRS condition and the budget

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3. Consider the Cobb-Douglas utility function, u(x1, x2) = 3 4 ln x1 + 1 4 ln x2. Use the MRS condition and the budget line to solve for demand functions ?x1(p1, p2, m) and ?x2(p1, p2, m) by suitably amending the logic in the notes.

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3. Consider the Cobb-Douglas utility function, u(21, 202) = 7 Inx1+ - Inx2. Use the MRS condition and the budget line to solve for demand func- tions x1(P1, P2, m) and x2(P1, P2, m) by suitably amending the logic in the notes

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