Given that Pxand py are prices of goods X and Y respectively, the consumer has income, I and the utility function is presented as U(x, y) = x0

Given that Pxand py are prices of goods X and Y respectively, the consumer has income, I and the utility function is presented as U(x, y) = x0.4y0.6, (a) Derive a Marshallian demand function for each of the two goods. (6 marks) (b) Show whether the ordinary demand function for good Y is homogeneous of degree (4 marks) zero. Derive the Engel curve for good X. (4 marks) (d) Find own price elasticity of demand (4 marks) (e) What combination of hamburgers and drinks would maximise utility for an income of $12, Px = $2 and Py = $3. (4 marks) Calculate the maximum utility.