Question: 8 (10pm) Consider a consumer with the utility mction UGLY) = In? +y'?) and suppose that the prices of goods and income level are given

 8 (10pm) Consider a consumer with the utility mction UGLY) =

8 (10pm) Consider a consumer with the utility mction UGLY) = In\"? +y'?) and suppose that the prices of goods and income level are given by px = $2, py = $4 and the income of consumer is I = $120. a) b} d} Compute this consumer's optimal consumption levels of goods X and Y and the maximum utility level that she can attain. Now, consider another consumer with utility UGLY) = 1.")? + W, facing the same prices and income level. Compute this consumer's optimal consumption levels of goods X and Y and the maximum utility level that she can attain. Finally, consider a different consumer with utility U (X, Y) = 30/7 + W) facing the same prices and income level. Compute this consumer's optimal consumption levels of goods X and Y and the maximum utility level that she can attain. Compare your ndings in parts (a),(h) and (c). What di'erence does having the "In" in the utility function make? How does multiplying a utility lnction with a constant affect the solution of the utility maximization

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