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2. (15 points) (Budget Lines and Indifference Curves) Answer the following questions. (a) Draw the budget line for each of the following cases. i. p1

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2. (15 points) (Budget Lines and Indifference Curves) Answer the following questions. (a) Draw the budget line for each of the following cases. i. p1 = 1, p2 = 1, and m = 50. ii. p1 = 5, p2 = 2, and m = 100. (b) Draw one indifference curve for each of the following utility functions. i. u(X1, X2) = 21 + 3x2. ii. u(x1, [2) = 10x1 + 2x2. iii. u(X1, X2) = min {5x1, 2x2}. iv. u(X1, X2) = min {3x1, 12}

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