by: Nancy consumes only good x and good y and her Hicksian demand functions are given h hy - - 5 Py 12 Pr 5 12 12 - In 1. What is Nancy's utility function? (5 Points) (a) u(x, y) = 5 ln(5x) + 12y (b) u(x, y) = 10 ln(5) +12y (c) u(x, y) = 5 ln(5x) + 12y (d) u(x, y) = 25 ln(5x) +12y (e) u(x, y) 12 ln(5x) + 25y (b) E(P-P, ) = P - (22)] Py In 2. What is Nancy expenditure function? (5 Points) 5 (a) E(pr. Py, ) = Pr + Py [22 b (222)] 12 (c) E(P. Py, u) = 1/2 Py + Py Py +Py[/2-In ()] P (d) E(pr. Py, u) = (e) E(Pa, Py, u) = P +Py 12 - In [-()] 1/2 Py+Py 1/2 - 2 h (22)] 3. What is Nancy's indirect utility function? (5 Points) (a) V (Pr. Py, 1) = 5 ln (25) +121-5 12 PI (b) V (Pr. Py, 1) = 5 ln (2) + 12/ 5 12 25 Py 12 pr 12 (c) V (P-Py, 1) = 5 mm (52) +124-5 12 (d) V (Pa, Py, 1) = 12 ln (25) + 54-5 12 (e) V (P, Py, 1) = 5 mm (25) +124-5