I would like you to confirm the answer (a) U = min (J, P/3) and expanded on (b).

From (c), could you draw the graph of U = min (3J, P) and elaborate on (d): How much does each sandwich cost? How many sandwiches can the consumer make given their budget, and How many ounces of peanut butter and jelly will they buy?

From (e) and (f), I have no idea how to work on it.

Thank you for answering my question.

2. A consumer is making peanut butter and jelly sandwiches. Each sandwich requires 1 ounce of jelly (J) and 3 ounces of peanut butter (P) and a completed sandwich gives the consumer exactly one utility (you can assume they have unlimited bread already). The consumer does not get any utility from peanut butter and jelly on their own. (a) What does this consumer's utility function look like? (Hint: Make sure plugging in J=1 and P23 gives exactly one utility) (b) Explain why U = min(3J, P) also represents this consumer's preference. How much utility does each sandwich give in this case? (c) Draw an indifference curve for the utility function in part b. (d) Assume that the consumer has $5 to spend on peanut butter and jelly sandwiches, the price of peanut butter is $0.20/oz and the price ofjelly is $0.40/oz. How much does each sandwich cost? How many sandwiches can the consumer make given their budget. How many ounces of peanut butter and jelly will they buy? (e) If the price of peanut butter increased, what happens the consumer's consumption of peanut butter (increase, decrease, or stay the same)? What happens to their consumption of jelly? (f) Now assume that the consumer instead wants to achieve a total of 15 utility (using the utility function from part b). How many sandwiches do they need to make to achieve this level of utility? How many ounces of peanut butter and jelly do they need to make this many sandwiches