Question: 2. (24 Total Points) Suppose a consumer's utility function is given by U(X,Y)-X1/2*Y1/2. Also, the consumer has $24 to spend, and the price of

2. (24 Total Points) Suppose a consumer's utility function is given by U(X,Y)-X1/2*Y1/2. Also, the consumer has $24 to spend, and the price of Good X, Px -$1. Let Good Y be a "composite" good (Good Y is the "numeraire") whose price is Py $1. So on the Y-axis, we are graphing the amount of money that the consumer has available to spend on all other goods for any given value of X.

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