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[All Steps] Julia's utility function is U(x, y)=x^2 y . She has income I=240 and faces prices P_x=,) 8$ and P_y=,) 2$ Determine her optimal basket given these

Question: Julia's utility function is $U(x, y)=x^{2} y .$ She has income $I=240$ and faces prices $P_{x}=\$ 8$ and $P_{y}=\$ 2$

Determine her optimal basket given these prices and her income.
If the price of y increases to $8 and Julia's income is unchanged, what must the price of $x$ fall to in order for her to be exactly as well off as before the change in y's price?

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Deliverable: Word Document

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[All Steps] Julia's utility function is U(x, y)=x^2 y . She has income I=240 and faces prices P_x=,) 8$ and P_y=,) 2$ Determine her optimal basket given these

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