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2. There are two goods, X and Y. A consumer has a utility function over X and Y given 2XY and by U(X, Y)-XY. The marginal utility functions are given by MUx MUv = X2. The consumer has income 1 and faces prices Px and Pr (a) Suppose that I = 100. Derive functions for the demand curves for X and Y. Draw graphs illustrating each demand curve. (b) Suppose that Px = 10 and PY-15. Derive the income consumption curve (or income expansion path) and draw it on a graph with Y on the vertical axis and X on the horizontal axis. For any income level, what is the ratio of X to Y chosen by the consumer? (c) Suppose instead that U(X,Y) = 17X6Y3-203. The marginal utility functions are given by MOx = 102X5Y3 and MUy = 51X6y2 Do your answers to (a) and (b) change? Explain why or why not

In detail show and explain all steps

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