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Help pls A consumer has an income of $40 and they face the following prices: P.=$2 and Py=$5. The consumer prefers good Y twice as
Help pls
A consumer has an income of $40 and they face the following prices: P.=$2 and Py=$5. The consumer prefers good Y twice as much as good X. 1. Write the consumers utility function that represents their preferences: U(X,Y) = X * Y 2 2. Using the information available, calculate the consumer's optimal consumption bundle. o X*= 20 units Y* = 0 units o The consumer's total utility is U(X,Y) = 3. If the price of good X is now Py = $4 and Py=$5, calculate the consumer's optimal consumption bundle. o X* = units Y* = units The consumer's total utility is U(X, Y)=Step by Step Solution
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