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  3. 1 given the following expenditure fiunction ep1 pu 2bp 2p12c...

Question: 1 given the following expenditure fiunction ep1 pu 2bp 2p12c...

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1) Given the following expenditure fiunction EP1 P-U( 2bP 2P12+c a) Verify that this satisfies all the properties of an expenditure function b) What are the associated Marshallian demands? c) What are the associated Hicksian demands? CP2) where a,b,c0+

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