2. A utility maximizing consumer with preferences u(x, y) = min(3x, y) has income m = 24 and pays px = 2, py= 2. Derive and calculate the cross-price elasticity of demand for good x. 2. An investor will form a portfolio, investing $2,000 in security A and $3,000 security B. Returns depend on market conditions are tabulated below. Calculate the mean and variance for this portfolio. Economy Probability Return on A Return on B State 1 0.3 2 10 State 2 0.5 6 4 State 3 0.2 12 0