2. (4 Points) Assume a consumer's preferences and the market can be defined as follows: U-2X+3Y,...

 

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2. (4 Points) Assume a consumer's preferences and the market can be defined as follows: U-2X+3Y, P=0.50, P =1, and M=20. y Graph the consumer optimization problem in (X, Y) space. Clearly label the precise location of the optimal bundle, the budget constraint, and the shape of the furthest obtainable indifference curve. 2. (4 Points) Assume a consumer's preferences and the market can be defined as follows: U-2X+3Y, P=0.50, P =1, and M=20. y Graph the consumer optimization problem in (X, Y) space. Clearly label the precise location of the optimal bundle, the budget constraint, and the shape of the furthest obtainable indifference curve.