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Given the consumer utility function U = f ( X , Y )= 20X + 80Y X 22 Y 2. Spending income is 41 (in
Given the consumer utility functionU=f(X,Y)=20X+80YX22Y2. Spending income is 41 (in million Rp). The price of commodity X per unit: 1.0 (million) andYper unit 2.0 (million). a. What is the optimal combination of consumption ofXandYif the consumer aims to maximize his utility, and what is the marginal benefit for each unit of expenditure [use the Lagrange Multiplier approach] b. Derive the demand function for both goodXand goodY, based on either combination of (a)
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