Consider a consumer with the utility functionu(x, y) =min(x,2y). The prices of the two goods arepx= $5,py= $10and the consumer's income is$100.

1. (a)Determine the optimal consumption basket. What is theMRSat the optimal basket?
2. (b)Are any of the two goods in this utility function "essential"?
3. (c)Present your results graphically.
4. (d)Whatwouldbethesignofthecross-priceelasticitybetweenthosetwo goods? Exaplain.