For the utility function,  U = 2x1/2 + y  What are the income and substitution effect of price changes in Px and Py respectively?

Joan has the following utility function: u(x, y) = 5x + 3y. Consider that income is I = $8, and prices are given as pa = $4, p = $2. (e) Assume the price of y increases to 4. Find the total, income and substitution effects for x. Consider this price change a "large" price change.

The income effect of an increase in the price of a normal good that a consumer buys on a regular basis will be ___________ and the substitution effect will be _________.a) positive; negativeb) negative; negativec) negative; positived) positive; positivee) One cannot tell.

Sally consumes two goods, X and Y. Her utility function is given by the expression U = 2XY3. The current market price for X is $20, while the market price for Y is $10. Sally's current income is $500. a. Write the equation for Sally's budget constraint. What is the slope of her budget line? b. Determine the X,Y combination which maximizes Sally's utility, given her budget constraint.