Compute the compensated demand

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Compute the compensated demand (at the new prices) for the following utility functions. Assume I = 1, initial prices are px = 1 = py, and price of x rises to p?x = 3 while py is unchanged.

1. u(x,y)=min(8x,4y).

2. u(x, y) = 1000x + 500y.

Reference no: EM13733855

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