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thank you for helping 1. Consider a perfectly competitive economy with two goods (I and y) and a single consumer. The consumer is endowed with

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1. Consider a perfectly competitive economy with two goods (I and y) and a single consumer. The consumer is endowed with 3 {> 0} units of tin1e which are supplied inelastically to the labor market. Both goods (:1: and y} are produced by perfectly competitive rms using one unit of labor to produce one unit of good 3': or good 3;. The mnsumer chooses consumption of goods 3 and y to maximize his utility: U = alnm+lny, where lI] cm > {1:3 > U . 0 (18:1

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