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Consider the utility function U(x,y) = xy Income is I=400, and prices are initially px =10...

Consider the utility function U(x,y) = xy Income is I=400, and prices are initially
px =10 and py =10.
(a) Find the optimal consumption choices of x and y.
(b) The price of x changes, to px =40, while the price of y remains the same. What are
the new optimal consumption choices for x and y?
(c) What is the substitution effect?
(d) What is the income effect?

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