Question: Suppose an individual's utility function is given by the following expression: U(q1,q2)=q1^1/2q2 Suppose we know that the current price for good #1 is $1 (p1=1).

Suppose an individual's utility function is given by the following expression:

U(q1,q2)=q1^1/2q2

Suppose we know that the current price for good #1 is $1 (p1=1). In addition, suppose we know that the individual is maximizing their utility by consuming four units of good #1 (q1=4) and eight units of good #2 (q2=8). What must be the price of good #2 (p2) and what must be the individual's current income (y) available to spend on the two goods?

p2=?

y=?

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