1. (14 total points) Suppose a consumer has a utility function given by U(X,Y) = MIN(X, 3Y). The consumer has $60 to spend (M = $60). The Price of Good Y is P_Y = $1.

a) (10 points) Draw the consumer's Price Consumption Curve for the following prices for Good X: P_X = $1, P_X = $2, P_X = $3. For each set of prices, make sure to accurately draw each budget constraint, and also identify the consumer's optimal bundle on each budget constraint.Make sure your graph is neat, accurate, scaled properly, and fully labeled to receive full credit.

b) (4 points) Using a graph, sketch the consumer's demand curve for Good X. Make sure to identify three points on the demand curve. Make sure your graph is neat, accurate, scaled properly, and fully labeled to receive full credit.