Question: Assume a consumer with the utility function U = U(X, Y) = X 2 Y 2 and the typical budget constraint M = P x

Assume a consumer with the utility function U = U(X, Y) = X²Y² and the typical budget constraint M = P_xX + P_y Y a. Set up the constrained maximization problem and derive the first-order conditions.

b. Derive the consumer's demand for X and Y in terms of the parameters

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