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Suppose an individual has preferences over goods x and y, and their expenditure minimization problem has the following expenditure function: Epp, U) = (x +
Suppose an individual has preferences over goods x and y, and their expenditure minimization problem has the following expenditure function: Epp, U) = (x + 3p.) What is the person's Hicksian demand? Oth, hy) = (2p!". pu) 1,, hy) = (U.30) Ols, hy) = (Up Up, Oche, hy) = (3U. U) What is the individual's indirect utility? OV = OV = OV = OV= P
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