Question: Problem 5 Ray has the utility function U(x, y) = y/ (100 - x). (a) Does Ray prefer more to less of both goods? (b)

Problem 5 Ray has the utility function U(x, y) = y/ (100 - x). (a) Does Ray prefer more to less of both goods? (b) Draw a diagram showing Ray's indifference curves corresponding to the utility levels U = 1/2, U = 1, and U = 2. (c) If the price of x is $1 and the price of y is $1, find Ray's demand for x as a function of his income and draw a diagram showing his Engel curve for x

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