Question: Please answer B only Question 1 Elmira has a monthly income of $200 that she allocates between two goods: Beef (B) and Potatoes (P). Beef

Please answer B only

(P). Beef costs $6 per pound while Potatoes cost $1 per pound.

Elmira's utility function is given by: U(B, P) = 2B + P

Question 1 Elmira has a monthly income of $200 that she allocates between two goods: Beef (B) and Potatoes (P). Beef costs $6 per pound while Potatoes cost $1 per pound. Elmira's utility function is given by: U(B, P) = 2B + P Assume that both Beef and Potatoes are finely divisible goods (so your answer may or may not be a whole number). This question contains 6 parts, (a)-(f)) [15 marks] (a) Write down the equation for Elmira's indifference curves. (Assume Beef is measured on x-axis and Potatoes on y-axis) [1 mark](b) Depict Elmira's budget line graphically and mention its slope. (Again, assume Beef is measured on x-axis and Potatoes on y-axis) [2 marks]

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