Question 9 5 pts Suppose a consumer has preferences represented by the utility function U(X,Y) = MIN (X,2Y). The price of good X is Py = 3, and the price of good Y is Py = 2. What is the slope of the Engel curve for good X? You will be asked to sketch a graph of this Engel curve in the next question, but for this question, just indicate the slope of the Engel curve for good X below. (Think carefully about which variable is on the horizontal axis and which variable is on the vertical axis for an Engel curve.) The slope of the Engel curve for good X is: Question 10 5 pts Based on the consumer's utility function and the prices of good X and Y from the previous question, sketch the graph of the consumer's Engel curve for good X. Be sure to label your graph carefully, and include at least three points on the Engel curve. Note: You will upload your sketch of the Engel curve, along with your work for all other questions in this exam, in a single pdf file at the end of the exam. Enter the word "Finished" into the text box below when you have drawn and labeled your graph and identified at least three points on the curve. Edit View Insert Format Tools Table = v =v L Bv = O it~ Parsgaph B T U A v v Tv Lv EHvY G BY P Question 11 8 pts Suppose a consumer considers good X and good to be perfect substitutes. They are willing to trade 6 units of good Y for 1 unit of good X. The price of good X is $5 and the price of good Y is $1. Also, assume the consumer has $50 to spend on X and Y. If the consumer maximizes utility subject to their budget constraint, how much of good X and how much of good Y will they purchase? (Hint: Consider how the MRS compares to the MRT.) The consumer will purchase units of good X. The consumer will purchase units of good Y. Note: To earn the full 8 points for this question, you must enter the correct numbers in the blanks above AND upload your work, showing how you arrived at your answers. You will upload this work, along with your work for all the other exam questions, as a single pdf at the end of the exam