Lisa's preferences for good X and good Y are described by the following utility function: U(X,Y)= min(X,2Y), where X and Y are the respective amounts of the good X and good Y Lisa consumes.

Questions about Lisa 1. Briey explain what is meant by the statement that \"preferences are complete\". Use the bundles A = (X,Y) = (1,1), B = (X,Y) : (1,2), and c = (X,Y) = (2,2) to illustrate that for these bundles Lisa preferences are complete while clearly explaining your reasoning. 2. Draw a graph with 2 examples of Lisa's indifference curves. Briey discuss what the shape of the indifference curves show about how Lisa prefers to consume the two goods, X and Y. I . 3. Suppose that the price of good X is PX = 1 and the price of good Y IS Py = 2. Suppose that Lisa's income is I = 20