Question: 4. Michael has the utility function U(I, y) : :6 + 33;. a. Michael's budget line if the price of x is 1 and the

4. Michael has the utility function U(I, y) : :6 +

4. Michael has the utility function U(I, y) : :6 + 33;. a. Michael's budget line if the price of x is 1 and the price of y is 2 and his income is 8. What bundle does Michael choose in this situation? [[ans: (0,4).\" (a) What bundle would Michael choose if the price of x is 1, the price of y is 4= and his income is 8? [[ans: (8,0).\

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