Q2. Vasco likes spare ribs, Q1 , and fried chicken, Q2 . His utility function is U (Q1Q2)=10 Q12 92 His weekly income is $90, which he spends on ribs and chicken only. a. Suppose he pays $10 for a slab of ribs and $5 for a chicken. What is their demand for both goods? What is the ratio of total expenditure on good 1 to expenditure on good 2? What is their utility level? Please also draw a diagram with clear label to illustrate. . What is their demand for both goods as P; become 10, 15, or 20? Please also draw the PCC with clear label to illustrate. . Assume prices of two goods are constant. What is their demand for both goods as their income become 100, 110, or 120? Please also draw the ICC with clear label to illustrate. . Draw the Engel curve with respect to X1 . Please also compute the income elasticity as the income is equal to 100. . What is the difference of their demand for good 1 as optimal as P1 decreases to 5? What is their utility level as p1=5 ? Draw a diagram with clear label to illustrate the substitution effect and income effect