Let q be the quantity of ice-cream and qc the quantity of cookies. A consumer's utility is described by the function u(q1,qc)= q12ac3 The consumer is currently consuming q1=2 and qc=2. For this consumer, the marginal utilities are MUI= and MUC= V Moreover, the marginal rate of substitution is MRSI,C= VConsider a consumer in a perfectly competitive market. The consumer has income |=56 and can purchase good 1 and good 2. Quantities are q1 and q2. Suppose prices are p1 =7 and p2=4. The consumer's utility function is U(1:2)=301+2qz The optimal consumption choice is q1*= v and q2*= v . Consider the following market demand: Q=24-4p. At the price p=2, the price elasticity of demand is EQ'p=