Question: A consumer allocates their income M = 2 4 between two goods, Good 1 and Good 2 , with prices p 1 = 3 and

A consumer allocates their income M =24 between two goods, Good 1 and Good 2, with prices p1=3 and p2=2, respectively. The consumers preferences are represented by the utility function: U(x1, x2)= x1 x2. Tasks 1. Set up the budget constraint. 2. Use the substitution method to find the optimal bundle of quantities x 1 and x 2.3. Calculate the maximum utility the consumer achieves with that optimal bundle.

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