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4. [20 POINTS] Henry consumes two goods, 1 and 2, and his utility function is U (2:1, 12) = min{11,zg}, where 321 and 12 represent

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4. [20 POINTS] Henry consumes two goods, 1 and 2, and his utility function is U (2:1, 12) = min{11,zg}, where 321 and 12 represent his consumption amount of the two goods. He has a total income of $m available to spend on $1 and :32 at prices p1 and pg per unit, respectively. (a) [4 POINTS] Are Henry's preferences monotone? Provide an explanation. (b) [4 POINTS] DJustrate Henry's budget set on a graph that measures :1 on the horizontal axis and :22 on the vertical axis. (c) [4 POINTS] On the same graph as above, sketch some of his indifference curves and label the point that he chooses. (d) [8 POINTS] Derive Henry's demand functions :5; (131,102,171) and I; [p1,p2,m)

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