Question: Suppose a consumer's preferences are represented by the utility function U(X,Y) = MIN (X,3Y). Also, suppose the consumer has $280 to spend (M = $280),

Suppose a consumer's preferences are represented by the utility function

U(X,Y) = MIN (X,3Y).

Also, suppose the consumer has $280 to spend (M = $280), PY = 1, and that they spend all of their money on goods X and Y. Also, assume the consumer maximizes their utility subject to their budget constraint. Complete the following table: Px $1 $2 $3 Quantity Demanded of X

Px $1 $2 $3 Quantity Demanded of X

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