Question: Suppose the utility function for two goods (X and Y) can be written as follows:

U = 10X^0.2Y^0.5

And the price of X = $1, price of Y = $5, and income = $140.

a. Find the utility maximizing combination of X and Y. graphically illustrate your answer.

b. Suppose income increases to $420. Provide a new answer.

c. Suppose income increases to $560. Find the new answer.

d. Graph the Engle curves for X and Y.