Problem 3: Quasilinear Utility [9 Points] Suppose that an individual has an income of m and buys two goods X and Y. For the purposes of this question, always have X on the x-axis and Y on the y-axis. Suppose also that we begin with the following prices: px = $10 and pv = $2. The individual gains My from X and Y according to the following utility function: U(X, Y) = X + 4W 13. If this individual has an income of 5400, what is their utility maximizing choice of X and Y? Solve for this using whichever of the three methods we covered in class you prefer. [2 points] 14. What are this individual's Demands for X and Y as functions of m, px, and pv? [3 points] 15. Assuming that px = $10 and pv = $2, draw the Engel Curves for both Good X and Good Y. Label any kinks in these Engel Curves. What is the largest possible income that still delivers a corner solution (boundary solution)? [3 points] 16. Are these goods Normal or Inferior Goods? How do you know? [1 point]