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Rafael has the utility function U = x · y with the marginal utilities MUx = y and MUy = x.The price of x is 2, the price of y is unknown and equal to the variable py, and his income is$40. When Rafael maximizes utility subject to his budget constraint, he purchases 5 units of y.What must be the price of y and the amount of x consumed? (Hint: solve for how his choice ofy will depend on py.)

Reference no: EM131217456

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