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1. Suppose Jill has a utility function U=x^1/3 y^2/3with income 100. Jill is not as unique...

1. Suppose Jill has a utility function U=x^1/3 y^2/3with income 100. Jill is not as unique

as she thinks she is, there are 1000 people with the exact same

preferences.

(a)What is Jill’s demand for good x as a function of px? (The answer

will only be partial credit, you must show the maximization p

roblem for full

credit.)

(b)What is the inverse aggregate demand function ?

(c) What is the price elasticity for the whole market?

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