Question: Question 1 A consumer is indifferent between one pizza and one burrito. The price of burritos and pizza arePb= $3andPp= $4. 1.1 Write the utility

Question 1

A consumer is indifferent between one pizza and one burrito. The price of burritos and pizza arePb= $3andPp= $4.

1.1Write the utility function for the consumer. Suppose the consumer has$12to spend on food, how many burritos and pizza will they consume? Plot the budget constraint and indifference curves. [3]

1.2Suppose the price of a burrito increases toPb= $4.50. How will the consumer's choice of consumption bundle change? Plot the budget constraint and indifference curves in this case. [3]

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3. Tactical/strategic information.

3. To retrieve information from memory.

2. Value-oriented information and