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A consumer's preferences are given by the following Leontief utility function: u (x, y) = min [10x, 5y] Assume P x > 0, P >
A consumer's preferences are given by the following Leontief utility function: u (x, y) = min [10x, 5y] Assume P x > 0, P > 0, and U > 0. (a.) Solve for the Hicksian demand (i.e. compensated demand) function for x as a function of P x , Py, and U. Your answer should be in the form of a fraction. The only letters in your response should be the function inputs. Note that U and P are capitalized, and the x and y in P are subscripts. XH PP
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