A consumer has set a budget of $1,600 for the consumption of good X and Y. The price of Good X is $40, and the price of good Y is $40. The consumer has a Utility function given by U(X,Y)= x³y. a) Find the optimal consumption choice of the individual and the utility obtained. b) Make a graph that illustrates the solution to the problem. c) Briefly express in writing the process that you used to find the solution.
