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Given U = (1/3)X1/2Y4; Px = Py = 6; I = 2,430 a. Solve for X*, Y*, and U* by applying the Lagrangian multiplier method.

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Given U = (1/3)X1/2Y4; Px = Py = 6; I = 2,430 a. Solve for X*, Y*, and U* by applying the Lagrangian multiplier method. ( up to FOCS, provide the rest of solution) b. What will be the (final) effect on X*, Y*, and U* if the price of Y is cut by half? c. Illustrate the price consumption curve, as well as the Marshallian demand curve for Y

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