Harry Mazzola has the utility function u(x1, x2) = min{x1 + 2x2, 2x1 + x2}, where x1 is his consumption of corn chips and x2 is his consumption of french fries.
(a) On the graph below, use a pencil to draw the locus of points along which x1 + 2x2 = 2x1 + x2. Use blue ink to show the locus of points for which x1 + 2x2 = 12, and also use blue ink to draw the locus of points for which 2x1 + x2 = 12.
(b) On the graph you have drawn, shade in the region where both of the following inequalities are satisfied: x1 + 2x2 ≥ 12 and 2x1 + x2 ≥ 12.
At the bundle (x1, x2) = (8, 2), one sees that 2x1 + x2 = ____ and x1 + 2x2 = _____. Therefore u(8, 2) = _______.
(c) Use black ink to sketch in the indifference curve along which Harry’s utility is 12. Use red ink to sketch in the indifference curve along which Harry’s utility is 6.
(d) At the point where Harry is consuming 5 units of corn chips and 2 units of french fries, how many units of corn chips would he be willing to trade for one unit of french fries? ______.