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Let utility U=X+Y. Suppose the unit price of X is 4 and the unit price of Y is 5. X and Y denotes quantities. Suppose
- Let utility U=X+Y. Suppose the unit price of X is 4 and the unit price of Y is 5. X and Y denotes quantities. Suppose also that the income of the consumer is 100. How much of each good will a utility maximizing consumer purchase? Show the optimal outcome by a graph and disclose calculations.
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