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. A consumer’s utility function is given by U(x, y) = 4x^1/2 + y^1/2 The consumer’s...

. A consumer’s utility function is given by U(x, y) = 4x^1/2 + y^1/2 The consumer’s income is M, the price of good y is Py and the price of good x is Px. (Warning: the algebra in this problem is messy but it is good practice.)

(a) What is the marginal rate of substitution?

(b) What is the equation for the budget constraint?

(c) What is the demand function for x (as a function of prices and income)?

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