Assume U = U(X,Y) = (X3/2 + Y3/2 )1/2:
a. Derive the demand schedule for X based on a standard budget constraint, M = (PX)X + (PY)Y and assumed utility maximization.
b. Describe the impact of both prices and income on the demand schedule.
c. Show/graph the impact on the budget constraint where a 10% per unit tax is imposed on X.