Question

only need 2C 2D and 2E

please put step by step instructions for only 2C, 2D and 2E. im having difficulty with the math

Ir so, briefly explain why and what adjustment should be made. 2. (53 points) Consider this optimization problem. max U 2x + xy x(2 + y) a) (8 points) Write the Lagrangian for this problem and the first order conditions (FOC) b) (16 points) Show that the Marshall demand functions for X and Y are: 2P c) (10 points) Show that the own-price elasticity of good Y is ε,--0-25) Explain what Ey tells you if income is 180, Px 5, and Py 4 d) (12 points) Show that the cross-price elasticity of good X is ε2Py-122 Explain what ey tells you if income is 180, Px 5, and Py 4. Is good X a substitute for good Y? Explain. e) (7 points) Using the Marshall demands for X and Y, show that the indirect utility function is V

Answer 1

ar 80-8 As elas ici n 2arece* ?rice elasHC - (Pooea From demand : 2x 」 P전 그+2 2P LBB xp LPosiHve ange .mpy incve a se demand for ว Ov& 04 % fumori on 여 Prices