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3 consider the following utility function u 1 2 min...
Question: 3 consider the following utility function u 1 2 min...
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![3. Consider the following utility function, u (1, 2) min br 0<a1 and b>0 (a) [15 points] Derive the Marshallian demand functions. (Explain your derivation in details.) Does the Marshallian demand increase with price? consumption goods normal goods? (b) [ 15 points Derive the Hicksian demand functions. Does the icksian demand increase with price?](https://homework-api-assets-production.s3.ap-southeast-2.amazonaws.com/uploads/store/583315794/16040306956e71a9af35f5400123f1806ee35785f6.png)