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Long Form Questions 1. Lauren's utility function is U(x, y) = x + 12y1/3. a. Derive her demand functions for goods x and y. (10
Long Form Questions 1. Lauren's utility function is U(x, y) = x + 12y1/3. a. Derive her demand functions for goods x and y. (10 points) b. Will Lauren ever choose a corner solution? If so, what would have to be true of Px? (5 points) c. Assume an interior solution and graph Avi's income consumption curve. (5 points) d. Assume an interior solution and graph Avi's price consumption curve, as the price of good x changes. (5 points)
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