Consider an individual who has a following utility function where X1 and X2 are chocolate and juice. a. What are his uncompensated demand functions for chocolate and Juice? 2 b. Suppose chocolate cost $1 each and Juice costs $2 per can, and he is given a daily allowance of $50, how should he spend the allowance on chocolate and juice in order to maximize his utility? c. What will be his level of utility? d. Derive his compensated (Hicksian) demand function for chocolate and juice. e. Suppose the price of chocolate increases to $4 and he receives compensation so that he could maintain his original utility level. What quantities would he now purchase of chocolate and juice? f. How much additional money income will he have to receive in compensation in order to be as well off with the new prices as he was with the initial prices and income?