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PROBLEM V. Consider a consumer who consumes good 1 and good 2. A consumption bundle where the consumer consumes , units of good 1 and T2 units of good 2 is written as (21, 12). The price of good 1 is p1, the price of good 2 is p2, and the consumer's income is m. Q23. Suppose that the consumer's utility function is given by U(x1, 12) = x2. When the price of good 1 is 2, the price of good 2 is 3, and the consumer's income is 45, what is the consumer's optimal consumption bundle? (a) (9,9) (b) (15, 5) (c) (6, 11) (d) (3, 13) (e) (18, 3) Q24. Suppose that the consumer's utility function is given by U(X1, (2) = 12. When the price of good 1 is 2 and the price of good 2 is 3, (a) the Engel curve of good 2 is a line with slope 15. (b) the income offer curve is a line with slope 1/4. (c) the income offer curve is a line with slope 8. (d) the Engel curve of good 1 is a line with slope 12. (e) the income offer curve coincides with the vertical axis. Q25. Suppose that the consumer's utility function is given by U($1, 2) = 2x1 +5x2. When the price of good 1 is 2, the price of good 2 is 3, and the consumer's income is 42, what is the consumer's optimal consumption bundle? (a) (18, 2) (b) (0, 14) (c) (12, 6) (d) (6, 10) (e) (21, 0) Q26. Suppose that the consumer's utility function is given by U(1, 12) = 271 + 572. When the price of good 1 is 2 and the price of good 2 is 3, (a) the income offer curve is a line with slope 4. (b) the income offer curve coincides with the vertical axis. (c) the income offer curve coincides with the horizontal axis. (d) the income offer curve is a line with slope 1/2. (e) the Engel curve of good 2 is a line with slope 4. Q27. Suppose that the consumer's demand function for good 1 is given by m _ Pi I1 (P1, P2, m) = - - P1 8p2 Choose a correct statement from below. (a) Good 1 is a normal, ordinary good and a substitute to good 2. (b) Good 1 is an inferior, ordinary good and a complement to good 2. (c) Good 1 is a normal, Giffen good and a complement to good 2. (d) Good 1 is a normal, ordinary good and a complement to good 2. (e) Good 1 is an inferior, ordinary good and a substitute to good 2