Question: Il. Quantitative problem. A total of ten points will be provided for each item in this quantitative problem. A consumer's utility function is represented as

Il. Quantitative problem. A total of ten points will be provided for each item in this quantitative problem. A consumer's utility function is represented as U = 20X0.7Y.3 in which U is total utility, X is chicken while Y is pork. Using this consumer's utility function, the marginal utility from chicken is MUx = au/ax = 14X-0.303 while the marginal utility from pork is MUy = au/aY = 6XO.7Y-0.7. Use these information to answer the following questions. i.)Determine this consumer's marginal rate of substitution (MRS) for chicken and pork. What is the meaning of this marginal rate of substitution (MRS)? Why do you think this consumer's marginal rate of substitution for chicken and pork has to be negatively signed? ii. This consumer's budget for buying chicken and pork is 20,000 pesos per month. The price of chicken (Px) is equal to 200 pesos per kilo while the price of pork (Py) is equal to 350 pesos per kilo. Generate the relevant budget line equation of this consumer for buying chicken and pork. Afterwards, provide a short interpretation of the negative ratio of chicken and pork prices. ili.) What will be this consumer's optimal combination of chicken and pork considering a budget of 20,000 pesos for month, the price of chicken is 200 pesos per kilo while the price of pork is 350 pesos per kilo? iv.)What will be the total utility of this consumer at the optimal combination of chicken and pork? What is the marginal utility from chicken of this consumer at the optimal combination of chicken and pork? What is the marginal utility from pork of this consumer at the optimal combination of chicken and pork
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