A consumer has set a budget of $5,000 for the consumption of good X and Y. The price of Good X is $100, and the price of good Y is $200. The consumer has a Utility function given by U(K,Y)=xy 2
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.