Question: Please answer all queestions Consider Lucy whose utility from consuming slices of Pizza (Z) and cans of Coke (C) is as follows U= min (22,

Please answer all queestions

Please answer all queestions Consider Lucy whose utility from consuming slices of

Consider Lucy whose utility from consuming slices of Pizza (Z) and cans of Coke (C) is as follows U= min (22, C) And the price of a slice of Pizza is $ 3.00 While the price of a can of Coke is $1.00. 2.1 (4 points) What is the xed proportion in which Lucy will consume Pizza and Coke? Show on a graph, with Z on the vertical axis and C on the horizontal axis, the indifference curves for Lucy and draw the budget constraint (indicating slopes and intercepts) if her income is $30.What is the quantity of Z and C consumed with such budget constraint? 2.2 (4 points) Assume that the price of Coke increases to $1.50. In a new graph show the change in the budget constraint, calculate the new consumption of C and Z. calculate the \"substitution effect\" and the \"income effect" in the change of consumption of Coke

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