1/3 A consumer has Cobb-Douglas preferences of the form U(x, y) = x3 y13. The consumer has an income of $600. Which of the following is true? а. None of these are true b. They will always spend $200...

Extracted text: 1/3 A consumer has Cobb-Douglas preferences of the form U(x, y) = x3 y13. The consumer has an income of $600. Which of the following is true? а. None of these are true b. They will always spend $200 on good x C. When the price of x goes up they will spend less of their income on x d. When the price of y goes up they will spend more of their income on x е. All of these are true