Question: Please show work thank you ! thats all for instructions given a) (4 points) Caleb's utility function is U(x,y) = min(5x,5y}. If the price of

Please show work thank you !

thats all for instructions given

a) (4 points) Caleb's utility function is U(x,y) = min(5x,5y}. If the price of both goods is $2 and his income is $m, what is Caleb's optimal consumption of goods x and y? b) (2 points) Are goods x and y inferior goods? Explain. c) (2 points) Now, if income m = $16, can he afford the bundle (6,2)? Explain why he would or would not be happy consuming this bundle

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