A consumer has $400 in income. They consume two goods, X and Y. Use the information below to answer the following questions: U(X,Y) = 2x0.6y0.4 MUx=1.2X-0.4 yo.4 MUy=0.8x0.6y-0.6 Px= $40 Py= $10 1....

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Extracted text: A consumer has $400 in income. They consume two goods, X and Y. Use the information below to answer the following questions: U(X,Y) = 2x0.6y0.4 MUx=1.2X-0.4 yo.4 MUy=0.8x0.6y-0.6 Px= $40 Py= $10 1. Write the individual's budget constraint: 2. Calculate the individual's optimal consumption bundle o X* = units Y*= units 3. If the price of Good Y increases to PY = $20, calculate the individual's new optimal consumption bundle o X* = units Y* = units 4. Calculate the total effect of the price change on the optimal quantity of goods X and Y (*HINT* Calculate change the optimal quantities) o Total Effect on X = units o Total Effect on Y = units