Question: Hi ! I need help with only - GPlease don't waist your time to answer any other, I juts need help with - G 5.

Hi ! I need help with only - GPlease don't waist your time to answer any other, I juts need help with - G

5. Anna spends all of her income on shirts (S) and jeans (J). Anna's preferences can be represented by the utility function U(S, J) = 35 J (6) (a) Using Lagrange maximization, derive the demand functions for shirts and jeans in terms of the price of shirts (Ps), the price of jeans (Py), and income (m). I (b) Suppose Anna's income is $128. How many dollars will she spend on shirts, and how many on jeans? (c) Suppose the price of a shirt is $4, the price of a pair of jeans is $16, and Anna has $128 income. What bundle of shirts and jeans (S, J) maximizes Anna's utility? (d) Suppose the price of a shirt increases to $16. What bundle of shirts and jeans does Anna demand now? (e) Devastated by the sudden price increase, Anna decides to ask her mother for money to help finance her clothing purchases. What total income will keep Anna exactly as happy as she was before the price change? What is her optimal bundle under these circumstances? (f) Unfortunately, Anna's mother refuses to give her any money. She is now back in the situation described in part (c): the price of shirts has increased from $4 to $16, and her income remains unchanged at $128. Decompose the total change in consumption of shirts into a substitution effect plus an income effect (as defined in class). Draw a clearly-labeled diagram with shirts on the horizontal axis. (g) Decompose the total change in consumption of jeans into a substitution effect plus an income effect (as defined in class)

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