(All Steps) For Leonard, x and y are perfect substitutes. Specifically, he is always willing to give up 2 units of y for 3 units of x. The price per unit
Question: For Leonard, \(x\) and \(y\) are perfect substitutes. Specifically, he is always willing to give up 2 units of \(y\) for 3 units of \(x\). The price per unit of \(x\) is $5, the price per unit of \(y\) is $8, and his income is $40.
- Sketch his indifference map and budget constraint.
- How much \(x\) does Leonard consume?
- Suppose the price of \(x\) increases to $6 and everything else stays the same. How much \(x\) does Leonard consume?
Deliverable: Word Document 
(See Solution) Patti has a quasi-linear utility function of the form
(Solution Library) Julia's utility function is U(x, y)=x^2 y .
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