Question: 1. A utility function U (x, y) = 2x + 3y, where m = $1000, px =$5 and py =$10. What is the optimal consumption

1. A utility function U (x, y) = 2x + 3y, where m = $1000, px =$5 and py =$10. What is the optimal consumption of good x and and of good y?

2. A consumption has the utility function over goods x and y, U (x,y) = 12x3 y4.

a. What is the slope of the consumer's indifference curve at the consumption bundle (1,2)?

b. what is the optimal choice if the price of x is $1 and price of y is $2 and m is $98?

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