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3. (40 pts) Brenda likes Hot dogs, H, and Coca-Cola, C. Cokes cost $3 per bottle and Hot dogs cost $2 each. Brenda has 890

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3. (40 pts) Brenda likes Hot dogs, H, and Coca-Cola, C. Cokes cost $3 per bottle and Hot dogs cost $2 each. Brenda has 890 to spend on hot dogs and Coke during the next month. Draw her budget line with Coke on the horizontal axis and hot dogs on the vertical axis. (a) Brenda's utility function is U (HC) = CH. Find her optimal bundle for prices and budget given above. (b) Now, find her optimal bundle, if her utility function is U (HC) = min{C,H). (c) Derive and draw her demand curve for good H. for the utility function given in part (n). (d) Find income and substitution effects on H if price of Hot dogs decreases to $0.25, for the utility function given in part (). (e) Find income and substitution effects on H if price of Hot dogs increases to $9, for the utility function given in part (b)

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