Answer to Question #50503 in Microeconomics for nidhi
5. A consumer’s utility function is given as U(x,y) = In (x+2y) Where x and y are two goods of consumption. (a) Find the indirect utility function of the consumer. (b) Examine if Roy’s law is satisfied by the consumer’s demand function for y. (c) Find the expenditure function of the consumer e(p,u) where price of x = 1 and price of y = p. (d) Find the Hicksian demand function hy (p,u) for commodity y, where the price of x is 1 and the price of y is p.
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