Question: 2. Given U=X4Y4; Px = 80; Py = 100; 1 = 800 a. Solve for X, Y, and U. (6 points) b. Suppose income

2. Given U=X4Y4; Px = 80; Py = 100; 1 = 800 a. Solve for X", Y*, and U*. (6 points) b. Suppose income decreases to 400, what will be the new values of X, Y, and U*? (4 points) c. Illustrate the income consumption curve, as well as separate Engel curves for X and Y. (4 points)

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Question: 2. Given U=X4Y4; Px = 80; Py = 100; 1 = 800 a. Solve for X, Y*, and U*. (6 points) b. Suppose income

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Question: 2. Given U=X4Y4; Px = 80; Py = 100; 1 = 800 a. Solve for X, Y, and U. (6 points) b. Suppose income