Question: Suppose a consumer has preferences represented by the utility function U(X,Y) = MIN[X,3Y]. Suppose PX = 2 and PY = 4. Draw the Income Consumption

Suppose a consumer has preferences represented by the utility function U(X,Y) =

MIN[X,3Y]. Suppose PX = 2 and PY = 4. Draw the Income Consumption Curve for this

consumer for income values M = 100, M = 200, and M = 300. Your graph should accurately

draw the budget constraints for each income level and specifically label the bundles that the

consumer chooses for each income level. Also, for each bundle that the consumer chooses, draw

the indifference curve that goes through that bundle. Make sure to label your graph carefully and accurately.

What does the MIN mean?

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