may explain to me step by step? tq 1. An individual consumes products X and Y and spends $25 per time period.  The prices of the two goods are $3 per unit for X and $2 per unit for Y.  The consumer in this case has a utility function expressed as: U(X,Y) = 0.5XY            MUX = 0.5Y                        MUY = 0.5X.   a. Express the budget equation mathematically. b. Determine the values of X and Y that will maximize utility in the consumption of X and Y. c. Determine the total utility that will be generated per unit of time for this individual.

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Revealed Preferences and Budget Constraint Analysis

Revealed means “Let Out,” and Preference means “Choice”; Choice Reveals Preference.