ECON 302 HW1, Fall 2021 Page 5 2 Question 2 (36 points) For each of the following situations, draw the consumer's budget constraint and indicate the consumer's optimal bundle on the budget constraint. Draw the indifference curve that goes through the optimal bundle. Make sure your graph is accurate (drawn to scale) and clearly labeled. 2.1 (12 points) U(X, Y) = MIN(5X, 4Y). The consumer has $70 to spend & the prices are PX = $4, Py = $5.DX ECON 302 HW1, Fall 2021 2.3 (12 points) U(X, Y) = 3X +5Y. The consumer has $24 to spend & the prices are Px = $4, Py = $6.M= 70 min ( sx, ly ) PX = 4 Pu = 5 X M = X Px + y Py AND TTTIT1 1-11 2091 Page 7 ECON 302 HW1, Fall 2021 Page 6 2.2 (12 points) U(X, Y) = XBY5. The consumer has $36 to spend and the prices of the goods are PX = $3, PY = $5