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Alex eats only apples (X) and oranges (Y)

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1. Alex eats only apples (X) and oranges (Y). His utility function is U(X,Y) = (x.5+;y.5)2.;a. Find the Marshallian and Hicksian demand functions.;b. Find the indirect utility and expenditure functions.;c. Find the substitution and income effects on x for an increase in px.;d. What are the substitution and income effects on x for an increase in py?

 

Paper#28965 | Written in 18-Jul-2015

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