Question: 1. Consider the following utility function: U(x, y) = min{2y, 8.r, 2x+ y}. Sketch the indifference curves, and show where the corners are. If the

1. Consider the following utility function: U(x, y) = min{2y, 8.r,

1. Consider the following utility function: U(x, y) = min{2y, 8.r, 2x+ y}. Sketch the indifference curves, and show where the "corners" are. If the prices for r and y are Pr = 5 and Py = 1, respectively, and the individual has $24, find the optimal choices of r and y

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