1.U(X,Y) = MIN (X, 3Y). M = $40. Initially, PX= 1 and PY = 1. Then the Price of X changes to PX= 3.

i) Indirect Utility Function: __________________________

ii) Expenditure Function: ____________________________

iii) CV = ________________

iv) EV = ________________

2.Suppose A consumer's utility function is given by U(X,Y) = 3X + Y. The consumer has $120 to spend (M = $120). PY= $2. Sketch the graph of the consumer's demand function for Good X. Please put the Price of X, PX, on the vertical axis, and the quantity of Good X, X, on the horizontal axis. Scale the Price axis up to $12, and scale the quantity axis up to 120.