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Question [1): Suppose that a consumer's utility function has been determined to be: U(x. y) = ln(3x) + In(y) + 10 (a) Derive the Marshallian
Question [1): Suppose that a consumer's utility function has been determined to be: U(x. y) = ln(3x) + In(y) + 10 (a) Derive the Marshallian demand functions for both goods. (b) Based on the consumer's Marshallian demand models for goods it and y, as that consumer's income rises, what type of goods does that consumer perceive them as? (c) What can you conclude about that consumer's preferences? How that consumer's preferences determined is based on your analysis
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