12) A consumer’s preferences are given by U(X,Y) = X0.4 Y 0.6. The price of X is 3, and the price of Y is 2. The consumer has an income of $2400. a) What is the utility maximizing choice of X and Y? b) How would the utility maximizing choice change if price of X rose to 5? c) Given the answers to the previous parts plot a linear demand function for X.