Question: 2. (15 points) (Budget Lines and Indifference Curves) Answer the following questions. (a) Draw the budget line for each of the following cases. i. p1

2. (15 points) (Budget Lines and Indifference Curves) Answer the following questions. (a) Draw the budget line for each of the following cases. i. p1 = 1, p2 = 1, and m = 50. ii. p1 = 5, p2 = 2, and m = 100. (b) Draw one indifference curve for each of the following utility functions. i. u(X1, X2) = 21 + 3x2. ii. u(x1, [2) = 10x1 + 2x2. iii. u(X1, X2) = min {5x1, 2x2}. iv. u(X1, X2) = min {3x1, 12}
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