Problem 1: Suppose that a consumer who uses $60 to buy 2 goods: X and Y. Given that price of the good X is $3 per unit and price of the good Y is $1 per unit. Suppose that the utility function of this consumer is TUIXY 1. Identify the budget line equation for this consumer 2. Identify MUX, MUy and MRSxy 3. What are optimal quantity of good X (X*) and optimal quantity of good Y(Y*) that he should buy to maximize his utility. 1. Identify the budget line equation for this consumer: I = 60 PX = 3 Py = 1 PX . X + Py_ Y = I =>X.3+Y.1=60='Y=60-3X