For each of the following situations, draw the consumer's budget constraint and indicate the consumer's optimal bundle on the budget constraint.Make sure your graph is accurate and clearly labeled.

a) U(X,Y) = X^1/4Y^3/4.The consumer has $24 to spend and the prices of the goods are P_X= $2 and P_Y= $3.Note that the MU_X= (1/4)X^-3/4Y^3/4and the MU_Y= (3/4)X^1/4Y^-1/4.

b) U(X,Y) = MIN(5X,Y).The consumer has $24 to spend and the prices of the goods are P_X= $3 and P_Y= $1.

c) U(X,Y) = 2X + 3Y.The consumer has $20 to spend and the prices of the goods are P_X= $2 and P_Y= $4.

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