u = 4x + 80ln(y)

4. (4 points) Consider a consumer with utility U = 4X + 80 In(Y) Note: Your answers should be in terms of P. P, and I and should use calculus. a) Calculate the substitution effect from a price change for Good X and Good Y b) Calculate the income effect of a price change for Good X and Good Y c) Show that the Slutsky Equation holds for this consumer for Good X and Good Y d) Calculate the uncompensated own-price elasticities for this consumer for Good X and Good Y. c) Calculate the compensated own-price elasticities for this consumer for Good X and Good Y. Note: Your answers should be in terms of P. Py and I. [Hint: To calculate the derivative of z In(7), use f(z) and g(z)]