Suppose that there are two goods, a consumption good y, and leisure L. A consumer has a budget constraint py + wL = M + wT, where p is the price of the consumption good, w is the hourly wage rate, and the right-hand side is the consumer's full income. The consumer has an indirect utility function given by u = (2pw)^(-1/2) * (M + wT).
a When presented with an indirect utility function, discuss on a general level how you would go about to find the Marshallian demand functions and the Hicksian demand functions.