Question: Please show work thorough work thank you! 2. Eli insists on consuming exactly 3 graham crackers (x) with each glass of milk (y). (a) 8

Please show work thorough work thank you!

2. Eli insists on consuming exactly 3 graham crackers (x) with each glass of milk (y). (a) 8 points If Eli has $12 of income (his allowance from his family) and faces prices, Px = 1 and py = 3, find Eli's optimal bundle of graham crackers and milk. (b) 12 points Suppose Eli faces the following choice: Either (i) Eli's income (al- lowance) can rise to $18 or (ii) he can simply receive the original $12 but get two free glasses of milk. Which of (i) and (ii) does Eli prefer? Explain

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