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Please derive the following equations for the following two utility functions (using the parameters a , b , c , and d provided above): U(x,y)=x
Please derive the following equations for the following two utility functions (using the parametersa,b,c, anddprovided above): U(x,y)=x3y2and U(x,y)=5lnx+5y. For the latter function, you can neglect the possible extreme case of having a corner solution, and focus only the interior solutions.
- Marshallian demand functions x(Px,Py,I) and y(Px,Py,I)
- Indirect utility function v(Px,Py,I)
- Hicksian demand functionsxH(Px,Py, U) and yH(Px,Py, U)
- Expenditure function E(Px,Py, U)
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