(10 points) Suppose the price of X is $2 and the price of Y is $8. Toni maximizes her utility subject to a budget constraint. What are Toni”s demand…
6B. (10 points) Suppose the price of X is $2 and the price of Y is $8. Toni maximizes her utility subject to a budget constraint. What are Toni”s demand functions, i.e., X*(Px, Py, I) and Y*(Px, Py, I)? 6C. (10 points) Carefully illustrate the solution to Toni”s constrained optimization problem on the graph below. What is the formula for my utility function?
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