Economics Homework Help. these question are based on maximization model and subject is microeconomic theory so please solve all the parts
Suppose a consumer has the utility function U(qx , dy ) = In(qx ) + 2qy. Let price of good I be Pr, the price of good y be Py, and income beY.a) (4 marks) Find the Engel Curve of good z and good y. Make sure to label the axes and curves.b) (4 marks) Find the expenditure function. Show Shephard’s Lemma gives that same demand curve for good I (i.e. you get the same demandCSSciorgood re using the Lagrangian/substitution incthaiShort Cut Vethud and -aE(PI, Py, U)
