Explain whether each of the two goods is normal or inferior, Macroeconomics

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Explain whether each of the two goods is normal or inferior

Problem

Nina's utility function can be expressed as U(X, Y) = 5XY. The prices of good X and Y are Px = $4 and Py = $2, respectively. Her income is $1200.

i. Derive Nina's income consumption curve (i.e. the function). Graph it.
ii. Explain whether each of the two goods is normal or inferior.
iii. Derive the Engel curve for X. (i.e. the function). Graph it.

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Macroeconomics: Explain whether each of the two goods is normal or inferior

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Macroeconomics: Explain whether each of the two goods is normal or inferior

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