Suppose there are two consumers, A and B, and two goods, X and Y.Consumer A is given an initial endowment of 3 units of good X and 5 units of good Y.Consumer B is given an initial endowment of 5 units of good X and 3 units of good Y.Consumer A's utility function is given by:

U_A(X,Y) = X + 4Y,

and consumer B's utility function is given by

U_B(X,Y) = MIN (X, 2Y).

If the prices are P_X = 1 and P_Y = 3, if each consumer sells her initial endowment and buys back her optimal bundle, which of the following statements is true?

There is Excess Supply in the Market for Good X = 1.6

There is Excess Supply in the Market for Good Y = 1.6

Both Markets are in Equilibrium

There is Excess Demand in the Market for Good Y = 0.8