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 between two goods, Good and Good with prices p and p respectively. The consumers preferences are represented by the utility function: Ux x x x Tasks Set up the budget constraint. Use the substitution method to find the optimal bundle of quantities x and x Calculate the maximum utility the consumer achieves with that optimal bundle.
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