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pls answer the question below, would be much appreciated. Consider an individual that can consume 2 goods: it and y. The price of good it

pls answer the question below, would be much appreciated.

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Consider an individual that can consume 2 goods: it and y. The price of good it is p: and the price of good y is Fly. The individual faces a budget constraint of I (or income}. A) Dene and graph the individual's budget line. What is the individual's budget set? B) Show what happens to the budget constraint if I, PX or Py increases. Under which casc{s) does the individual's budget set increase? C) Suppose px = 10 amd P'y =15. What is the opporhmity c0st of consuming 1 unit of good it? What is the opportunity cost of consuming 1 unit of good y? D) If goods )1 and y are perfect compliments and I \"a 0, would you expect the individual to consume only x, only y, or both goods? How do you know? E) Suppose you know the following about the individual's preferences: (I, 12) ~ (4, 3) (4, 6) ~ (3, 3) (1,18)~(3, 6) Construct the individual's preference ordering. Explain what assumptions you are using (when imposed). F} Check whether the function U = xy, can reflect the preferences found in E). G} If U = xy reects the preferences found in part B), does U = 271,589(xy}3 also reflect the preferences? How do you know

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