## Question

###### Imagine a representative consumer, whose utility for apples (X) and all other goods (Y) can be...

Imagine a representative consumer, whose utility for apples (X) and all other goods (Y) can be represented in a Cobb-Douglas form.

1) Please graphically represent consumer indifference curves, given prices Px and Py and the budget constraint M.

2) What will happen to consumer utility and optimal bundle if consumer income (budget) increases and apples are a necessity good? Please show graphically and explain the intuition.

3) How would the Engel curve look like for point #2?

## Answers

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