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2. Suppose you have the utility function U = X2Y2 . Derive the solutions for the...

2. Suppose you have the utility function U = X2Y2 . Derive the solutions for the following 4 cases:

Income Px Py X* Y*
50 4 5
200 4 5
100 5 5
100 2 5


b. If Income = 50, and Px = 4, but you don’t know Py, what is the demand for Y?________________

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