1. Given the following information; solve the consumer's problem by finding the optimal demand functions for X and Y: U(X,Y ) = min(4X,Y ) Also, you are given the the following initial market conditions: Px = $5 Py = $5 M = $100 a. Setup the Optimization Problem b. Find X* and Y* c. Graph the solution and explain the economic intuition behind the graph: i.e. What are the conditions met at the optimal bundle? Introduce another consumption bundle and explain why it is NOT the optimal. d. If income doubles, what will the new X* and Y* be