4. A consumer has preferences such that their Hicksian demands for r and y are given by r = and y, = 4. Initially, the price of r and y are both equal to 6 and at these prices the consumer achieves a maximum utility of 10. If the price of r doubles to 12, how much would the government have to pay this consumer in order for them to be able to achieve the same utility as before the price change? Justify your answer.

What are the examples of complement and substitute goods, where a change in price of one good would cause a change in demand of the other good? Show Graphically.

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Consider the following utility functions: Eleanor Rigby !" #, % = #%/10 Father McKenzie !* #, % = 100#2%2; where # is one kilogram of apples and % one kilogram of bananas. 1) Sketch all the bundles that Eleanor finds indifferent to having 8kg of apples and 2kg of bananas. 2) Sketch all the bundles that Eleanor finds indifferent to having 6kg of apples and 4kg of bananas. 3) Sketch all the bundles that Father McKenzie finds indifferent to having 8kg of apples and 2kg of bananas.