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Business, 19.05.2020 02:06 gonzaloc

An individual consumes products X and Y and spends $36 per time period. The prices of the two goods are $3 per unit for X and $2 per unit for Y. The consumer in this case has a utility function expressed as:

U(X, Y) = .5XY

a. Express the budget equation mathematically by plugging in the given information. Use capital letters and a single space between operators.

b. Determine the values of X and Y that will maximize utility.

c. Determine the total utility that will be generated per unit of time for this individual. (no decimals)

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