Nancy consumes only good x and good y and her Hicksian demand functions are given by: hxhy=125pxpy=12u125ln(1225pxpy) 1. What is Nancy's utility function? (5 Points) (a) u(x,y)=5ln(5x)+12y (b) u(x,y)=10ln(5x)+12y (c) u(x,y)=5ln(5x)+12y2 (d) u(x,y)=25ln(5x)+12y (e) u(x,y)=12ln(5x)+25y 2. What is Nancy expenditure function? (5 Points) (a) E(px,py,u)=125px+py[12u125ln(1225pxpy)] (b) E(px,py,u)=py[12u125ln(1225pxpy)] (c) E(px,py,u)=125py+py[12uln(pxpy)] (d) E(px,py,u)=125py+py[12u125ln(1225pxpy)] (e) E(px,py,u)=125px+py[12uln(pxpy)] 3. What is Nancy's indirect utility function? (5 Points) (a) V(px,py,I)=5ln(1225pxpy)+12px15 (b) V(px,py,I)=5ln(1225pypx)+12pyI5 (c) V(px,py,I)=5ln(125pxpy)+12py15 (d) V(px,py,I)=12ln(1225pxpy)+5py15 (e) V(px,py,I)=5ln(1225pxpy)+12pyI5 Nancy consumes only good x and good y and her Hicksian demand functions are given by: hxhy=125pxpy=12u125ln(1225pxpy) 1. What is Nancy's utility function? (5 Points) (a) u(x,y)=5ln(5x)+12y (b) u(x,y)=10ln(5x)+12y (c) u(x,y)=5ln(5x)+12y2 (d) u(x,y)=25ln(5x)+12y (e) u(x,y)=12ln(5x)+25y 2. What is Nancy expenditure function? (5 Points) (a) E(px,py,u)=125px+py[12u125ln(1225pxpy)] (b) E(px,py,u)=py[12u125ln(1225pxpy)] (c) E(px,py,u)=125py+py[12uln(pxpy)] (d) E(px,py,u)=125py+py[12u125ln(1225pxpy)] (e) E(px,py,u)=125px+py[12uln(pxpy)] 3. What is Nancy's indirect utility function? (5 Points) (a) V(px,py,I)=5ln(1225pxpy)+12px15 (b) V(px,py,I)=5ln(1225pypx)+12pyI5 (c) V(px,py,I)=5ln(125pxpy)+12py15 (d) V(px,py,I)=12ln(1225pxpy)+5py15 (e) V(px,py,I)=5ln(1225pxpy)+12pyI5