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Given the following optimization problem, Find the utility-maximizing amounts of X and Y If the price...

Given the following optimization problem,

Find the utility-maximizing amounts of X and Y

If the price of X changes to $8, calculate the substitution and income effects in terms of X.

What is the minimum income necessary to make the individual as well off as they were before the price change?

Maximize U = X4/5 Y1/5

            Subject to: 4X + 10Y = 3500

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