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Please give me the answer, including the graph. P 1) {Review question) Suppose a consumer has the following utility function: u(x:, 12) = x:*x: a)

Please give me the answer, including the graph. P

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1) {Review question) Suppose a consumer has the following utility function: u(x:, 12) = x:*x: a) The consumer's income is $50, [31 = 1 and p1 = 1. What is the consumer's optimal bundle? b) What would the consumer's optimal bundle be if p] increases to 2? c) Graphically (no need to calculate exact points), Show the decomposition between the income and substitution effect after the increase in price of n

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