Question 2. In an economy with Agent 1 and Agent 2, and two-goods (denoted by X and Y) their indirect utility functions over prices p = (Px, Py) and income m are VI(Px, Py, m) = log (m) - a log (Pr) - (1 - a) log (Py) v2(Px, Py, m) = log (m) - (1 - a) log (Px) - a log (Py) (Noting alog(x) = _ will be helpful.) 1. Show that the Marshallian Demand functions of the two agents for good Y are given by yi(p, m) = (1-a) y2(p, m) = a m Py Py 2. Now suppose the income is in fact dependent the value of the agents' endowments. The endow- ments of the two goods for the two agents are w1 = (2, 1) and w2=(1,3) respectively. Calculate the market clearing price ratio Px / Py as a formula. 3. Would you be able to calculate Pr and py if you used the market clearing condition for Good X as well? Justify your answer - Just a para or two