(Step-by-Step) A consumer enjoys two goods, X and Y. The price of X is $5, and the price of Y is $10. The consumer has $500 in income to spend on these two
Question: A consumer enjoys two goods, \(X\) and \(Y\). The price of \(X\) is $5, and the price of \(Y\) is $10. The consumer has $500 in income to spend on these two goods. The consumer's utility function is \(U=X Y\), with \(M U_{X}=Y\) and \(M U_{Y}=X\). If this consumer maximizes his/her utility subject to the budget constraint, how many units of \(X\) and \(Y\) should the consumer buy?
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