Indifference Curves and Budget Constraints (4 points): Use indifference curves and budget constraints to illustrate how a rational consumer makes choices regarding the selected product or service.

3. Cobb-Douglas Utility Function (2 points): Select a Cobb-Douglas utility function that accurately represents the consumer's preferences for the chosen product or service. Explain why you chose this utility function and its significance in this context. (utility functions should be chosen from the list provided)

4. Budget Constraint (2 points): Define the budget constraint for the consumer in this scenario. Discuss the key components of the budget constraint and how it limits consumer choices.

5. Lagrange Method and Demand Function (10 points): Utilize the Lagrange method to derive the demand function for the selected product or service. Explain the steps involved in applying the Lagrange method and how it leads to the demand function.

7. Income Offer Curve and Engel Curve (10 points): Illustrate the income offer curve and Engel curve for a 50% increase in consumer income. Explain the significance of these curves and how they reflect changes in consumer choices.

8. Income and Substitution Effects (10 points): Illustrate the income and substitution effects of a 20% increase in the price of one of the products or services. Explain how these effects influence consumer behavior and preferences.

9. Price Offer Curve and Demand Curve (10 points): Illustrate the price offer curve and demand curve for the 20% increase in the price of the selected product or service. Discuss the implications of these curves on consumer demand and the market.