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Suppose you are told that a consumer has the following utility function: U(q$, qy) = cm?) X 2% 1. Their income is Y, the price

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Suppose you are told that a consumer has the following utility function: U(q$, qy) = cm?) X 2% 1. Their income is Y, the price of good :1: is Pm, and the price of good y is Pg. a)Suppose you are given Pi. = $2 and Pg), = $18, provide a sketch of of the incomeconsumption curve for Y = {20, 25,30,35,40, 45}. Be sure to label the points for each income and clearly indicate What is happening (i.e. values of ql. and qy corresponding to each Y). b)Find the cross price elasticity of demand for q: and (1;. Does this tell you anything about the relationship between the two goods

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