Assume that someone's preference is represented by the utility function U(x,y)=min{2x+y, 2y+x} where x and y are goods he consumes.Let Pxand Pybe the prices of x and y. m for money he have

1.Draw preference functions on the (x, y) coordinates.

2.What wouldhe choose if Px=$1, Py=$1, and m=$10?What is his utility?

3.SupposePxincreases to $2.What would he choose?