Question: 1 1. a [8 marks] Assume that a person's utility function is given by the following function TU = 3x2/3y1/3 Assume also that the price

1 1. a [8 marks] Assume that a person's utility

1. a [8 marks] Assume that a person's utility function is given by the following function TU = 3x2/3y1/3 Assume also that the price of X is 3, and the price of Y is 3 and that the budget is 45. What is the optimal amount of goods X and Y that should be purchased with this budget? 1.b [4 marks] Assume now that the price of good X is Po, while all other conditions remain the same. Find the optimal amount of good X that should be purchased for a generic price Po. In other words, find the individual demand function for good X

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