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3. Consider the utility function u ( x,y) = x1+ 3y1/3 i. Find the demand functions...

3. Consider the utility function

u ( x,y) = x1+ 3y1/3

i. Find the demand functions for goods 1 and 2 as a function of prices and income.

ii. Income expansion paths are curves in (x,y) space along which MRS is constant. Is this statement true for these preferences?

iii. Why is the income effect 0

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