2. (22 Total Points) 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) (2 points) How much X and Y should the consumer purchase in order to maximize her utility? X* = Y* = 27 b) (2 points) How much total utility does the consumer receive? U(X*, Y*) = 129. c) (2 points) Now suppose Px increases to $3. What is the new bundle of X and Y that the consumer will demand? X** = Y** = d) (2 points) Calculate the Compensating Variation (Note that since Px increases, this will be a positive number.) Compensating Variation = e) (2 points) Calculate the Equivalent Variation (Note that since Px increases, this will be a positive number.) Equivalent Variation = f) (2 points) Of the total change in the quantity demanded of Good X, how much is due to the substitution effect and how much is due to the income effect? SE = IE =