(1) Suppose a Consumer's utility function is given by U(X,Y) = MIN(3X,Y). The Consumer has $36 to spend (M = $36). The price of Good Y is PY = $1. The price of Good X is PX = $1. a) How much X and Y should the consumer purchase in order to maximize her utility? X* = ________________ Y* = ________________ b) How much total utility does the consumer receive? U(X*, Y*) = _________________ c) Now suppose PX increases to $3. What is the new bundle of X and Y that the consumer will demand? X** = ________________ Y** = ________________ d) Calculate the Compensating Variation (Note that since PX increases, this will be a positive number.) Compensating Variation = ________________________ e) Calculate the Equivalent Variation (Note that since PX increases, this will be a positive number.) Equivalent Variation = ________________________