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lanation. NAME: HKBU ID: 1. A consumer derives utility from two goods, cookies and milk. The price of a pack of cookies is $4 and a pint of milk costs $4. The consumer has a total of $120 to spend on the goods, and his preferences over cookies and milk are given by U(x,y) = xy, Where x demotes packs of cookies and y denotes pints of milk. (a) Solve the utility maximizing problem. (7 points) (b) Suppose now that the government imposes a quota on milk that allows the consumer a maximum of 8 pints. What are the optimal choices in this case? Explain. (8 points) (c) Now suppose that the price of milk is reduced from $4 to $3 per pint. What is the consumer's optimal choice of cookies and milk without the quota? With the quota? Explain. (10 points) 2. Rani's utility function is U(X, Y) = XY2