Greg snacks on ham (x) and cheese (y) when he watches TV. His preferences over these...

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Greg snacks on ham (x) and cheese (y) when he watches TV. His preferences over these two goods can be represented by the utility function U(x,y) = min [x, 5y] where x represents the number of pounds of ham and y represents the number of pounds of cheese. a) Given his preferences find his demand functions for ham (x) and cheese (y). b) Suppose that the price of a pound of ham is $8 and that Greg has $8 to spend on ham and cheese. Write Greg's demand curve for cheese. Illustrate his demand curve. c) Suppose that the price of a pound of cheese is $4 (the price of ham and income remain $8 and $8, resp.). Use your demand functions to find his best bundle. In an indifference curve diagram illustrate his best bundle at these prices. For the remainder of the question assume that the price of a pound of cheese rises to $6 and that the price of ham and his income are unchanged at Px-$8 and I = $8. d) Use your demand functions to find his new best bundle. e) Illustrate the new budget line and the new best bundle that you found. Greg snacks on ham (x) and cheese (y) when he watches TV. His preferences over these two goods can be represented by the utility function U(x,y) = min [x, 5y] where x represents the number of pounds of ham and y represents the number of pounds of cheese. a) Given his preferences find his demand functions for ham (x) and cheese (y). b) Suppose that the price of a pound of ham is $8 and that Greg has $8 to spend on ham and cheese. Write Greg's demand curve for cheese. Illustrate his demand curve. c) Suppose that the price of a pound of cheese is $4 (the price of ham and income remain $8 and $8, resp.). Use your demand functions to find his best bundle. In an indifference curve diagram illustrate his best bundle at these prices. For the remainder of the question assume that the price of a pound of cheese rises to $6 and that the price of ham and his income are unchanged at Px-$8 and I = $8. d) Use your demand functions to find his new best bundle. e) Illustrate the new budget line and the new best bundle that you found.