Suppose that consumer’s preferences are described by the utility function U(x; y) = min {4x; y}, where y denotes the quantity of good Y and x denotes…

Suppose that consumer’s preferences are described by the utility function U(x; y) = min {4x; y}, where y denotes the quantity of good Y and x denotes the quantity of good X that the consumer consumes. Suppose also that consumer’s income is 3200 euros, the price per unit of good X is 12 euros and the price per unit of good Y is 5 euros. Find the optimal quantity of good X and good Y for this consumer.in given conditions.

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