Consider a consumer with the following preferences and


Consider a consumer with the following preferences and budget constraint:

Preferences: U(X,Y)=min(3x,4y)

Budget: $500, px=$2, py=$1

(a) graph the budget constraint and some of the consumer's indifference curves on a graph. Be sure to cleary label the axes, slopes and intercepts.

(b) solve for the consumer's optimal consumption bundle. Indicate the consumers's optimal consumption bundle in the graph above.

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Business Economics: Consider a consumer with the following preferences and
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