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It Is common for Supermarkets to carry both generic (store-Iabet} and brand-name [producer-label} varieties ofsugar and other products. Ma ny consumers View these products as perfect substitutes. meaning that consumers are always willing to substitute a constant proportion of the store brand for the producer brand. Consider a consumer who is always willing to substitute four pounds of a generic store-brand sugar for two pounds of a brand-name sugar. Do these preferences exhibit a diminishing marginal rate of substitution between storebrand and producer-brand sugar? Yes v Assume that this consumer has $24 of Income to spend on sugar. and the price of storebrand sugar is $1 per pound and the price of producer-brand sugar Is $3 per pound. Hour.r much of each type of sugar will be purchased? Producer-brand sugar: |:| pounds Store-brand sugar; |:| pounds It prices change such that the price of store-brand sugar was $2 per pound and the price of producerbrand sugar was $3 per pound. how much ofeach type of sugar will be purchased? Producerbrand sugar: :| pounds Store-brand sugar: |:| pounds