b) U(X, Y) = MIN (X, 3Y). M=$40. Initially, Px = 1 and Py = 1. Then the Price of X changes to Px =
b) U(X, Y) = MIN (X, 3Y). M=$40. Initially, Px = 1 and Py = 1. Then the Price of X changes to Px = 3. i) Indirect Utility Function: ii) Expenditure Function: iii) CV = iv) EV =
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