[All Steps] Tom's utility function is U(x, y)=x+y . He has income of I=4. Determine his optimal basket given that he faces prices P_x=1 and P_y=2. Determine
Question: Tom's utility function is \(U(x, y)=x+y .\) He has income of \(I=4\).
- Determine his optimal basket given that he faces prices \(P_{x}=1\) and \(P_{y}=2\).
- Determine his optimal basket given that he faces prices \(P_{x}=2\) and \(P_{y}=1\).
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