Answer the following questions about the Marshallian and Hicksian demand curves.

• What is the difference between the Marshallian and Hicksian demand curves?

• Explain how to derive each of the demand curves.

• Explain which demand curve is more elastic for normal goods, and why.

• Using your answer in (c), which demand curve would you expect to be more elastic for inferior goods. Explain, but derivation is not necessary.