Question: Given the Utility function U(X,Y) = X1/5Y4/5 where the Marginal Utility are given as : MUX=15X4/5Y4/5 and MUY=45X1/5Y1/5. a) [3 point] What is the MRSxy

Given the Utility function U(X,Y) = X1/5Y4/5 where the Marginal Utility are given as : MUX=15X4/5Y4/5 and MUY=45X1/5Y1/5.

a) [3 point] What is the MRSxy when the bundle is X=19 and Y=1? (2 decimal precision)

b)[3 points] if the price of X is 6.00 and the price of Y is 19.25. Calculate the optimal bundle if the consumers income is I=150

c)[4 points] what ifyou received and additional 174 in income to only spend on good X, Calculate the new optimal bundle.

NOTE: Show all your work, even if you get it wrong you may get points for work done.

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