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Question 11 8 pts Suppose a consumer considers good X and good Y to be perfect substitutes. They are willing to trade units of good
Question 11 8 pts Suppose a consumer considers good X and good Y to be perfect substitutes. They are willing to trade units of good for 1 unit of good X. The price of good X is $5 and the price of good Y is $1. Also, assume the consumer has $50 to spend on X and Y. If the consumer maximizes utility subject to their budget constraint, how much of good X and how much of good Y will they purchase? (Hint: Consider how the MRS compares to the MRT.) The consumer will purchase units of good X. The consumer will purchase units of good Y. Note: To earn the full 8 points for this question, you must enter the correct numbers in the blanks above AND upload your work, showing how you arrived at your answers. You will upload this work, along with your work for all the other exam questions, as a single pdf at the end of the exam
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