1. The utility function is given by: U(x, y) = xy2 and MUx=y2 and MUy=2xy. The original budget is x+2y=100, where Px=1 and Py=2. a) Find the optimal consumption bundle. b) Find demand function of x for Px=p and Py=1. c) Find demand elasticity at Px =4 and Py=2. d) Find the substitution effect, income effect, and total change in demand for good x as defined in the lectures when Px increases from 1 to 4 and Py=2. e) Illustrate the changes in (d) with a graph. f) Find the CV when Px increases from 1 to 4 and Py=2.