Question: 4. Use the Cobb-Douglas utility function below to answer the questions that follow: u(1, 12) = 11I2 1-a (a) Diagram the indifference curves for Cobb-Douglas

4. Use the Cobb-Douglas utility function below to answer the questions that follow: u(1, 12) = 11I2 1-a (a) Diagram the indifference curves for Cobb-Douglas preferences. Add a budget constraint to your diagram and illustrate the consumer's optimal choice.(b) Diagram the indifference curves for Cobb-Douglas preferences. Add a budget constraint to your diagram and illustrate the consumer's optimal choice. Then suppose that the price of good 1 decreases, pi;

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