Question: Suppose Casey's utility function is given by: U = X0.17 Y0.83. a. If I=$8000, Px = $5 and Py = $10, What is the utility

Suppose Casey's utility function is given by: U = X0.17 Y0.83. a. If I=$8000, Px = $5 and Py = $10, What is the utility maximizing amount of X and Y? b. Solve for Casey's indirect utility function (V). What is her current utility? c. Solve for Casey's expenditure function (E). d. Now suppose the price of X is increases from $8, while price of Y remains constant. Calculate Casey's compensation variation, equivalent variation, and estimated change in consumer surplus

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