He invites some friends over to watch a game at home. His friends want potato chips and beers, so he goes to the supermarket where there are two types of goods: 'bags of potato chips' (goods 1) and 'single cans of beer' (goods 2) (i.e., on the x-axis we will indicate potato chips and on the y-axis we will indicate single beers). Specifically, his friends' tastes are to have one bag of potato chips for every two beers. 1. Describe a consumer's preferences through a binary relationship. 2. 2.1 Describe a consumer's preferences through indifference sets. (Remember that in order for this representation to exist, the basket ordering criterion must be complete and transitive.) 2. 2 State and draw on the same graph the indifferent sets of baskets (1, 2), (2, 4), and (3, 6). 2.3 State the marginal ratio of substitution in any basket for these preferences and explain its meaning. 3. 3.1 Describe the preferences of a consumer through a utility function. 3.2 Is it unique (if not, state another utility function)?