Show transcribed image text(Pls. do a u…View the full answerTranscribed image text: 3. A consumer’s preferences are represented by the utility function, U(X,Y)= Xay. Budget constraint is M = PxX PyY. Based on this information; a) Derive the Marshallian demand function. b) Calculate zero degree homogeneity for Marshallian demand for X. c) Derive the Hicksian demand function.
