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Assume that a CONSUMER FACES Prices of $20 and $20 FOR GOOD X and GOOD Y, and the consumer has a Utility function given
by U(X,Y) = xy.
a) How much income (M) he/she should receive to obtain Utility of 400 units.
b) Illustrate the solution. Assume that a CONSUMER has an income of $200. The price of good Y is $10. The consumer has a Utility function given by U(X,Y) = xy.
c) What should be the price of Good X, or (Px), so the consumer decides to buy 10 units of X?
d) Illustrate the solution.
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