Question: How would I solve this question. I think I may have done the first part properly but I am not quite sure and I am

How would I solve this question. I think I may have done the first part properly but I am not quite sure and I am also not sure how to solve the rest of the problem from part be onwards. How would I find the demand curve?

How would I solve this question. I think I may have donethe first part properly but I am not quite sure and I

ECON 302 HW1, Spring 2021 Page Question 3 (28 points) Suppose that Pete enjoys painting purple people. He has very particular preferences and must have exactly 3 gallons of red paint for each 2 gallons of blue paint. Let R be the number of gallons of red paint and B be the number of gallons of blue paint. Also, let PB be the price of blue paint. Suppose Pete has $10 to spend on paint. Also, the price of red paint is PR = $1 per gallon. a) Graph Pete's price consumption curve for the prices PB = $.5, PB = $1, and PB = 2. Please put the number of gallons of B on the horizontal axis and the number of gallons of R on the vertical axis. Be sure to label your graph carefully and accurately.ECON 302 HW1, Spring 2021 b) For which good can you draw Pete's demand curve? blue paint Why did you select that good? we know the quantity of blue paint Pete would buy at various price levels. c) Draw the demand curve for the good identified in part b). d) Suppose now that Pete has $20 to spend on paint but all other details remain the same. Graph Pete's new demand curve on the same axes as in part c). e) Comment on what you notice about the demand curves on the graph above? Why do you see this relationship

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