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please explain and answer question 2. The question reads like this: Write out Marshallian and Hicksian demand for the following preferences U(x,y) = log(x-1) -
please explain and answer question 2. The question reads like this:
Write out Marshallian and Hicksian demand for the following preferences
U(x,y) = log(x-1) - 2log(2-y)
What restrictions do you need to impose so that a solution to the consumer problem exists? What do you notice about the Marshallian own price elasticities?
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