Question: Consider an individual with preferences represented by u (21,02) = (1 + 12, where 11 and 12 represent consumption of good 1 and good 2,

Consider an individual with preferences represented by u (21,02) = (1 + 12, where 11 and 12 represent consumption of good 1 and good 2, respectively. Assume that: consumption (of either good) cannot be negative, the ratio of the two goods' prices is = 2, and the individual is initially endowed with o units of good 1 and 0.5 units of good 2. What is the individual's optimal allocation? Solve analytically, showing steps in detail, and also demonstrate graphically

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