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hint Q8 (d) of assignment 2. Here are some hints.

(i). According to the hint, directly solve y through x=(M-Py^?)/(2Px) and xPx+yPy=M (i.e., Budget constraint/ budget line)

(ii). According to the hint, you can use answer from part (c). Originally, we have x=(30-1^?)/2, now we have x' = (33-1.1^?)/(2*1.1), x' is the answer from part (c). Then you can solve ?.

3. Emma consumes only two goods1 x and y. Initially1 price ofx is P1 = $1. Price ofy is Pv = 3]. Her income is $31]. (a) (bl {C} {d} Draw the budget line in a {x,y]space. Clearly indicate the intercept values. Draw indifference curves to illustrate Emma's consumption choices in it and y. [Numerical values for x and y are not needed and not known in this question.] If both prices ofx and y increase by l'lr'o (to S Ll), draw the new budget lines with new intercept values indicated. Then1 draw indifference curves to it'lusrrote Emma's consumption choices in x and y [Numerical values for a and y are not needed and not known in this question] Suppose that, after the priceincrease in {b}, Emma's income also increases by \"1%. Illustrate Emma's new consumption choices after this change. and compare the new choices with the choices in {a}. An economist estimates Emma's demand function ofx to be H = {M PvlftEPtL where M is Emma's income. {i} 1|Ip'v'hat is the demand function of y? [Hint use the budget constraint.] {ii} 1|What is the value of u? [Hints: Use the answers from {c}. Also. you may or may not need the mathematical rule1 {icy}ll = :d'yLC and (If = 1. This is for your reference only] [Note: Part {d} ofthis question is difcult. Students should be able to do {a} to {c}. For part {d}, try your best.]