Question 1Consider a utility function, (, ) = 34. Assume income, , > 0a) Find the ,b) Set up the utility maximizing problem and solve for the uncompensated demand functions.c) Find the indirect utility function

Question 1 Consider a utility function, u(x, y) = x3y4. Assume income, I, > 0 Find the MRSx,y b) Set up the utility maximizing problem and solve for the uncompensated demand functions. Find the indirect utility function