Question: 2. In order to explore how the consumer's optimization problem is similar yet different from the firm's, solve the following two problems in parallel. Consumer


2. In order to explore how the consumer's optimization problem is similar yet different from the firm's, solve the following two problems in parallel. Consumer O's preferences over exones Firm F uses exones and extwos to produce and extwos are represented by the follow-|whys. Its technology is represented by the ing utility function: following production function: u($1, 12) = min {x1, 2x2}. y = f(21, 12) = min{$1, 2x2}. . Write the consumer's constrained . Write the firm's constrained cost- utility-maximization problem. De- minimization problem. Denote the note the unit price of exones by P1, unit price of exones by p1, the unit the unit price of extwos by p2, and the price of extwos by p2, and assume consumer's income by m. that the firm must produce 7 units of output. 5 points 5 points
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