Suppose that Dr. Slight has $300 to spend on the goods X and Y. Dr. Slight combines X and Y using a very strict ratio to derive utility. Good X costs $5 per unit and Good Y costs $3 per unit. He can only increase his level of wellbeing by receiving more of both goods according to this ratio.
1. Suppose you observe Dr. Slight's behavior and notice that all of the following consumption bundles (X,Y) seem to leave Dr. Slight at the same level of wellbeing: (1,1), (1,2), (1,3), (2,1), and (3,1). Explain what type of preferences does he likely have over X and Y?
2. Given Dr. Slight's current preferences and income, determine what is his optimal bundle?