1. Peter consumes no commodities other than Miller Lite and Bud Light. His annual budget for these two com-modities is described by the equation 5x+ 30y=300, where x is sixpacks of Miller Lite and y is cases of Bud Light. Peter considers 2 cases of Bud Light to be perfect substitutes for 6 sixpacks of Miller Lite. a. He will consume 60 sixpacks of Miller Lite per year. He will consume 10 cases of Bud Light per year. He will consume 14 cases of Bud Light per year. He will consume 12 sixpacks of Miller Lite per year. 999' 2_ Doreen has preferences represented by the utility func-tion U(x, y) = 10x +5y. She consumes 10 units of good x and 12 units of good y. Ifher consumption of good )5 is lowered to 1, how many units of y must she have in order to be exactly as well off as before? a. 20 b 30 c. 27 d. 18 3. Bella's budget line forx and y depends on all of the following except 3- the amount of money she has to spend on x and y. b. the price of x. 0. her preferences between x and y. d. the price of y. 4. Hans has $27 which he decides to spend on x and y. Commodity x costs $16 per unit and commodity y costs $10 per unit. He has the utility function U(x, y) =5x2+2y2 and he can purchase fractional units of x and y. Hans will choose only x. only y. some of each commodity but more y than x. some of each commodity but more x than y. PpP'P 5. Wanda Littlemore' 5 utility function is U(x, y) =x + 46y 2y? Her income is $135. If the price of x is m." . ."y n