Question: QUESTION 5 Ll(x,y) - , and budget line is 400 10x+20y a. What is the optimal bundle of x and y? i. Optimal Good

QUESTION 5 Ll(x,y) - , and budget line is 400 10x+20y a. What is the optimal bundle of x and y? i. Optimal Good x: ii. Optimal Good y: b. Suppose the price of good x falls to $6, what is the new optimal bundle? i. Optimal Good x: ii. Optimal Good y: c. What is the total effect (on good x) of the price decrease? QUESTION 6 Based on the information in question 5 and your answers for that question, calculate the substitution effect (on good x) of the price decrease. 10 points 4 points An An

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