1. Maximize the following utility function U = x 1 3 y 2 3 ,… Image transcription text1. Consider the following utility function: U = mi

1. Maximize the following utility function U = x 1 3 y 2 3 ,… Image transcription text1. Consider the following utility function: U = min[4;r, 33;). Answer the following questions. (a) Assume that Py =3. Solve for the optimal consumption of a: in terms of PI and I. (b) Draw the demand curve that is described bythis equation1 assuming at income is equal to $30. Mark a couple of points on the graph. (0) Draw… Show more… Show more 1. Maximize the following utility function U = x13 y23 , subject to Px = 1, Py = 1, I = 30.Graph the solution, including the budget constraint and indifference curve.2. Adam will only drink lattes with a ratio of 1 ounce of espresso (E) and 3 ounces of milk(M).(a) Write a representative utility function for Adam.(b) Solve for the optimal bundle if PM = 1, PE = 3, I = 30 and graph the solution,including the budget constraint and indifference curve.3. Imagine the Jean likes hamburgers (H) twice as much as tacos (T).(a) Write a representative utility function for Jean.(b) Solve for the optimal bundle if PH = 5, PT = 2, I = 20 and graph the solution,including the budget constraint and indifference curve.4. Gavin likes hockey sticks (x) and other goods (a numeraire – y) and his utility for thesegoods is described by U = 32×1/4 + y. Assume Px = 1, Py = 1 and I = $40. Maximizethis utility function subject to the budget constraint. Graph the solution, including thebudget constraint and indifference curve. Business Economics Macroeconomics ECON 104A Share QuestionEmailCopy link