Question: (ej is x a normal 2. Suppose that Bob's preferences can be represented by the utility function u(x, y) = 2x + 3y. The price

(ej is x a normal 2. Suppose that Bob's preferences can be represented by the utility function u(x, y) = 2x + 3y. The price of y is $20. (a) Sketch a couple of indifference curves, with utility u= 64 and u=320. (5 points) (b) Determine Bob's demand function for x. Sketch it. (5 points) (c) If the price of x is $10, and Bob's income is $1000, how many x would Bob consume? How much income would be devoted to spending on y? (5 points) (d) Suppose that the price of x doubles to $20. Calculate the income and substitution effects. (10 points) (e) Is x a normal or inferior good in the range you calculated in part (d)? (5 points) by the utility function u(x. v) =

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