For this question only, M = C+4. Suppose two individuals (Shane and Jasmine) each have 20 hours of labor to devote to producing either ice cream (X) or cake (Y). Shanes demand for X and Y is given by: Xs = 10/Px Ys = 10/PY Whereas Jasmines demands are given by XJ = M/Px YJ= (20-M)/Py The individuals do not care whether they produce X or Y and the production function for each good is given by X=4L; Y = 5L where L is the total labor devoted to the production of each good. The equation for the frontier is given by X/4 + Y/5 = 40. Using this information, answer the following. a) What must the price ratio, Px/Py be? [1 mark] b) What is the value for Py? [2 marks] c) What is the value for Px? [1 mark] d) How much of X will be demanded? [1 mark] e) How much of Y will be demanded? [1 mark] f) How much labor should be allocated to the production of ice cream to satisfy the demand calculated in part d? [1 mark] g) How much labor should be allocated to the production of cakes to satisfy the demand calculated in part e? [1 mark] For this question only, M = C+4. Suppose two individuals (Shane and Jasmine) each have 20 hours of labor to devote to producing either ice cream (X) or cake (Y). Shanes demand for X and Y is given by: Xs = 10/Px Ys = 10/PY Whereas Jasmines demands are given by XJ = M/Px YJ= (20-M)/Py The individuals do not care whether they produce X or Y and the production function for each good is given by X=4L; Y = 5L where L is the total labor devoted to the production of each good. The equation for the frontier is given by X/4 + Y/5 = 40. Using this information, answer the following. a) What must the price ratio, Px/Py be? [1 mark] b) What is the value for Py? [2 marks] c) What is the value for Px? [1 mark] d) How much of X will be demanded? [1 mark] e) How much of Y will be demanded? [1 mark] f) How much labor should be allocated to the production of ice cream to satisfy the demand calculated in part d? [1 mark] g) How much labor should be allocated to the production of cakes to satisfy the demand calculated in part e? [1 mark]