1. (15) A consumer's utility is given by U=XY. The prices and the target utility are: PX=3, PY=1, U0=48.
2. (5) Compute the minimum expenditure.
3. (5) Compute the first (linear) approximation for the change in minimum expenditure when the price of good Y rises by $1.
4. (5) Compute the actual change in the minimum expenditure when the price of good Y rises by $1. Compare this with the answer in part (B).