Question: John has the following utility function that represents his preferences over food (x) and housing (y) (his only two expenses) and marginal utilities: u(1, y)

John has the following utility function that represents his preferences over food (x) and housing (y) (his only two expenses) and marginal utilities:

u(1, y) = 1'^y% %3D and marginal utilities: O*, Mu, - ()

u(1, y) = 1'^y% %3D and marginal utilities: O*, Mu, - () (=) 3/4 MU, MU, = for a level of wealth W and prices of food and housing P,P, respectively: 1) Graph the Indifference curves when = 1,8, 27. 2) Find the optimal demand for food and housing. 3) Graph the optimal demand for food when W = 1000 and P,

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