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Suppose a consumer' preferences are represented by the utility function U = MIN(5X, Y). The price of Y is PY = 1, and the consumer has income, M = 120.
a) Graph the consumer's Price consumption curve for prices, PX = 1, PX = 3, and PX = 5. Be sure to label your graph carefully and accurately.
b. Graph the consumer's demand curve for X.
The last tutor graphed it without saying what the points are so I was lost. So far what I think is right (am not sure) on the graph the three budget constraints are: (120,120) for Px=1, (40,120) for Px=3, and (24,120) for Px=5. I just am not sure how to find the optimal bundles for each one when Px is not equal to Py, because thats how I normally solve perfect complements.
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