a. Determine the demand functions of x and y in the case of a Cobb-Douglas type utility function, in the following cases:

- Graph the demand functions of the two goods (price as a function of quantity) assuming the individual's income is $500

- Determine what is the quantity demanded of x and y, if the price of good x is USD 1, the price of good y is USD 4, and income is USD 500

- Now, explain what happens to the quantity demanded if the prices of the goods are doubles holding income constant.

=0.40;=0.60