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utility function:U = 2X + 4Y, where X and Y are two goods. a.Draw this utility function for U = 150. b.What is the marginal

utility function:U = 2X + 4Y, where X and Y are two goods.

a.Draw this utility function for U = 150.

b.What is the marginal rate of substitution between good X and good Y? Does it stay the same at different combinations of goods X and Y on the same indifference curve?Explain.

c.Assume that the price of good X is $4 per unit and the price of Y is $5 per unit. Your weekly income is $200. How would you allocate your budget (that is, the amount of good X and the amount of good Y) in order to maximize utility?

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