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Given the following utility function: U (X,Y) = 2X½ + Y and given that U =...

Given the following utility function: U (X,Y) = 2X½ + Y and given that U = 40

Part 1: Find Y1 for X = 4

Part 2: Find Y1 for X = 9

Part 3: Find Y1 for X = 16

Part 4: Find Y1 for X = 36

Part 5: Find Y1 for X = 49

Using graph paper construct the graph for indifference curve for U = 40 Given : Py = 20, Px = 5 and I = 720

Using the same set of axis as used above graph the budget line.

Part 6: Find the optimal quantity of good X

Part 7: Find the optimal quantity of good Y

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