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Can I have some help with this For each of the following utility functions, calculate 3. MRS (if applicable) - is it homothetic? Convex? b.
Can I have some help with this
For each of the following utility functions, calculate 3. MRS (if applicable) - is it homothetic? Convex? b. Draw an indifference curve (does not have to be exact - just get the general shape) c. Marshallian Demand d. Hicksian Demand e. Indirect Utility Function f. Expenditure Function g. Total, Income and Substitution Effects for a small price change (i.e. using the derivative) for good a: (show Slutsky equation holds) h. Own price elasticity (with respect to good :3) 2. U (z, y) = %1n(x) + g 1n(y) (hint: you do not have to calculate this one fully. Explain why it gives the same - or effectively the same - answers as the previous example)Step by Step Solution
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