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Consider a consumer with the following Cobb-Douglass utility function:
U (x, y) = xαy1-α
a) Find the Marshallian Demand for both goods.
b) Find the Price Elasticity of Demand of good x, the Cross Price Elasticity, and the Income Elasticity of Demand.
c) Find the Hicksian Demand.
d) Find the Willingness to pay for a project that reduces the price of X by ½.
e) Using the Marshallian Demand, find the Increment in Consumer Surplus induced by last project.
f) Using the Hicksian Demand, find the increment in Consumer Surplus induced by last project.
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Factors that calculate price elasticity of demand: The proportion of Income spent on the Commodity If the price of a good is relatively low such the expenditure on it is a
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