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3. For each of the following cases, 1) Write out the budget constraint and illustrate the constraint in a graph 2) Add an indifference curve

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3. For each of the following cases, 1) Write out the budget constraint and illustrate the constraint in a graph 2) Add an indifference curve of the utility function 3) Solve for the consumption bundle that maximizes the utility. Illustrate the result in the graph. What is the ARS (AUx \\/ly) for each case at the optimal consumption point? Utility Function Px Income A I 100 B Auty 2 C 1 0 25 D Min (23. y) 10 05

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