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Spose elizabeths utility function took the general form

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1. Elizabeth has the following utility function for goods X and Y: U ² Y. Her income is $300 per unit of time, the price of X equals $10 per unit, and the price of good Y equals $2 per unit.

a. Find the MRS.

b. Calculate and sketch the budget constraint.

c. What is the utility-maximizing consumption bundle for Elizabeth?

d. How would your answer to part (c) change if the price of X increased to $20 per unit?

e. Derive Elizabeth's demand curve for good X.

f. Suppose Elizabeth's utility function took the general form : U ^a Y^b. Derive the demand curve for goods X and Y.

g. Using your answer from part (f) and assuming , find the indirect utility function.

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