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For each of the following derive the Marshallian Demand, the Hicksian Demand, the Expenditure function, and the Indirect Utility function: ( Assume interior solution in
For each of the following derive the Marshallian Demand, the Hicksian Demand, the Expenditure function, and the Indirect Utility function: ( Assume interior solution in all cases except (b) )
(a)u(x1,x2)=[x?1+x?2]?1 where0
(b) u(x1, x2) = ?x1 + ?x2 where ?, ? > 0
(c) u(x1, x2) = min{?x1, ?x2} where ?, ? > 0
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