Consumer Theory A11 individual's utility function is U (x, y) = x3y3. Initially, the price of good 3: is px = 12, the price of good y is py = 3, and the individual's income is I = 48. Graphically, assume good x is on the horizontal axis and good y is on the vertical axis. 7) Determine one point on the demand curve for good y (a point being a quantity-price combination). 8) Indifference curves a) Further from the origin imply higher utility levels and cannot intersect; b) Further from the origin imply higher utility levels and can intersect; 0) Further from the origin imply lower utility levels and cannot intersect; d) Further from the origin imply lower utility levels and can intersect