ECO 303: Intermediate Microeconomic Theory Problem Set5 ECO 303: Intermediate Microeconomic Theory Problem Set5 Question Question 3A consumer has utility function given by u(x1 , x2 ) = ?x1 x 2 . (i ) Suppose the price of good 2 and income are ?xed at $5 and $100, respectively. Find the inverse demand function for good 1.(P1 on the left hand side). Is this ordinary demand? Why?(ii ) Now assume P1 and P2 are ?xed at $3 and $5. What is the functional form of engle curve for both goods? Are they increasing? Why?Question 4Consider a consumer with utility function given by u(x1 , x2 ) = x1 x2 . (i ) Find the demands for goods 1 and 2 when the consumer faces prices p1 and p2 , and income m.(ii ) Are goods 1 and 2 normal goods? Why?(iii ) Are goods 1 and 2 ordinary goods? Why? Save your time! Proper editing and formatting Free revision, title page, and bibliography Flexible prices and money-back guarantee ORDER NOW