Question: Suppose the consumer has the same utility function as in the previous problem (Which I listed below Q 23) and income and the price for

Suppose the consumer has the same utility function as in the previous problem (Which I listed below Q 23) and income and the price for good 1 have remained the same as well (that is income is equal to 30, price for good 1 is equal to 2). The price for good 2 however has changed to 4. Calculate the new utility maximizing quantity of good 2

QUESTION 23 Suppose we have two goods, good 1 and good 2. Let X1 denote the quantity of good 1 and let x2 be the quantity of good 2. Suppose a consumer has the utility function _ 2 \"(X1.X2)X1 X2 with marginal utilities MU, = 2X1X2 and MU: = X12. Calculate the utility maximizing quantity of good 2, when income is equal to 30, price of good 1 is equal to 2 and price of good 2 is equal to 1

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