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please answer this question 1. Olivia consumes only two goods, X and Y, spending her entire income I. The prices of the goods are px

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1. Olivia consumes only two goods, X and Y, spending her entire income I. The prices of the goods are px and py. Her utility function is u(x, y) = xy xty (a) Find Olivia's demand functions for both goods. (b) Find Olivia's compensated demand functions for both goods. (c) Suppose initially Px = 1, py = 4 and / = 90. Find Olivia's consumption levels xo and yo. (d) Now suppose py falls to 1, while px and I remain unchanged. Find how much of good Y Olivia would consume now. How much of the change in consumption of Y from the answer you found in (c) is due to the substitution effect and how much due to the income effect

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