Question: Question 5 Suppose that Eric has the following utility function: U(x, y) = x3 +y. More- over, Eric's disposable income is $10. a. If Pr

Question 5 Suppose that Eric has the following utility function: U(x,

Question 5 Suppose that Eric has the following utility function: U(x, y) = x3 +y. More- over, Eric's disposable income is $10. a. If Pr = Py = 1, what is Eric's chosen bundle (r', y")? b. Draw the budget constraint and the indifference curve on a graph, and identify (x*, y" ). c. If py increases to 2, what is Eric's new chosen bundle (r*, y" )

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