Mr. Thomas O'Malley has a utility function given by U=6X + 2Y where X and Y are two consumption goods. The price of X is $12 and the price of Y is $1. Mr. O'Malley has $12 to spend on the two goods. What is Mr. O'Malley's budget equation? What type of preferences does Mr. O'Malley have over X and Y? What is the marginal utility of X? What is the marginal utility of Y? What is Mr. O'Malley's marginal rate of substitution? What is the slope of Mr. O'Malley's budget line? If Mr. O'Malley wants to maximize his utility from consumption of X and Y, given his budget of $12, which combination of goods should he choose?