Question 2 Part a Let's revisit Kinko's problem familiar to us from previous assignments. Kinko spends all his money on whips and leather jackets. Now, Kinko's utility function is U(x,y)=min{x21y21,4x+y}, where x is his consumption of whips and y is his consumption of leather jackets. Kinko is consuming 4 whips and 16 leather jackets. The price of whips is \$6. Find Kinko's income. Make sure to draw Kinko's indifference curves and budget line to show your answer. Question 2 Part b Now, imagine that the price of leather jackets increases by 16 times. What will Kinko's optimal consumption be now? Question 2 Part a Let's revisit Kinko's problem familiar to us from previous assignments. Kinko spends all his money on whips and leather jackets. Now, Kinko's utility function is U(x,y)=min{x21y21,4x+y}, where x is his consumption of whips and y is his consumption of leather jackets. Kinko is consuming 4 whips and 16 leather jackets. The price of whips is \$6. Find Kinko's income. Make sure to draw Kinko's indifference curves and budget line to show your answer. Question 2 Part b Now, imagine that the price of leather jackets increases by 16 times. What will Kinko's optimal consumption be now