A consumer has $30 to spend on goods X and Y, Px = $0.50 and the Py = $1. Using the utility function below, answer the following questions: U(X,Y) = min{ X,3Y} 1. Calculate the consumer's optimal...

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Extracted text: A consumer has $30 to spend on goods X and Y, Px = $0.50 and the Py = $1. Using the utility function below, answer the following questions: U(X,Y) = min{ X,3Y} 1. Calculate the consumer's optimal consumption bundle. o X = units Y= units 2. If the price of Y decreases to Py = $0.50 and Px = $0.50, calculate the consumer's optimal consumption bundle. o X = units Y = units 3. The decrease in the price of Y resulted in quantity of good X and quantity of good Y.