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(a) Derive the Marshalian demand functions and the indirect utility function for the following utility function:
u(x1, x2, x3) = x1 1/6 x2 1/6 x3 1/6 x1≥ 0, x2≥0,x3≥ 0
[Hint: Try to make use of your results from problem 3 in Assignment 1 instead of redoing all the calculations here.]
(b) Using the indirect utility function that you obtained in part (a), derive the expenditure function and from it, derive the Hicksian demand function for good 1.
(c) Jack and his grandfather are sitting at the dinner table, discussing their lives. Both share the same utility function as given in part (a). Jack is boasting about his $5000 a month salary, with per-unit prices of x1, x2 and x3 being $4, $4 and $16 respectively. Jack's grandfather claims that the old days were much better because although his salary was $500 a month, the per-unit prices of x1, x2and x3 were all only $1. Do you agree with his grandfather?
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The Definition of the Limit In this section we will look at the precise, mathematical definition of three types of limits we'll be looking at the precise definition of limits
1. Use mathematical induction to prove whenever n is a positive integer. 2. Use loop invariant to prove that the program for computing the sum of 1,...,n is correct.
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OQRS IS A QUADRILATERAL SUCH THAT OQ= -6,3 OR= -3,7 AND OS= 1,5. T IS ON OQ SUCH THAT OT: TQ= 1:2 PROVE THAT QRST IS AA PARALLEGRRAM
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