Microeconomics homework, any help is greatly appreciated, thanks

1. Julian gets utility from only two goods, Vegemite (V) and bread (B). His preferences are represented by the utility function U(V, B) = min(1,3B). The goods have prices p. and po, and Julian's income is M; assume M, p. and po are positive numbers. a. What is the relationship between the two goods, according to Julian's preferences? b. Draw a graph showing Julian's decision problem. The graph should include his budget constraint and a few indifference curves, and one of the indifference curves should intersect the budget constraint at exactly one point. c. Based on the graph you drew, what property is true of Julian's optimal bundle? d. Suppose that pv decreases. Draw a second graph showing the effect of this price change, broken down into substitution and income effects. What is notable about the substitution and income effects? 150 2. Alex's demand for petrol is given by the inverse demand function p = , where x is the quantity XA demanded (in litres per month) and p is the price (in $ per litre). Bob's and Charlotte's inverse demand 200 400 functions are p = and p respectively. If these are the only three consumers of petrol, find the 3xB 3xc market demand function