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For a consumer with convex preferences for two goods, utilitiy maximization requires which two conditions? consumer must spend all their income and set MUx =

For a consumer with convex preferences for two goods, utilitiy maximization requires which two conditions? consumer must spend all their income and set MUx = MUy consumer must spend as little as possible and maximize their MRS consumer must spend all their income and set MRSxy = Px/Py consumer must spend as little as possible and set MRS = Px/Py

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