Qassume a consumer has preferences represented by the

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Q. Assume a consumer has preferences represented by the utility function U(X,Y) = MIN[X,3Y]. Assume PX = 1 and PY = 2. Draw the Income Consumption Curve for this consumer for income values M = 100, M = 200, and M = 300. Your graph must accurately draw budget restrictions for each income level and specifically label the bundles that the consumer chooses for each income level. Also, for each bundle that the consumer chooses, draw the indifference curve that goes through that bundle. Label your graph accurately as well as carefully.

Reference no: EM13354618

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