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Please answer all queestions Consider Lucy whose utility from consuming slices of Pizza (Z) and cans of Coke (C) is as follows U= min (22,

Please answer all queestions

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Consider Lucy whose utility from consuming slices of Pizza (Z) and cans of Coke (C) is as follows U= min (22, C) And the price of a slice of Pizza is $ 3.00 While the price of a can of Coke is $1.00. 2.1 (4 points) What is the xed proportion in which Lucy will consume Pizza and Coke? Show on a graph, with Z on the vertical axis and C on the horizontal axis, the indifference curves for Lucy and draw the budget constraint (indicating slopes and intercepts) if her income is $30.What is the quantity of Z and C consumed with such budget constraint? 2.2 (4 points) Assume that the price of Coke increases to $1.50. In a new graph show the change in the budget constraint, calculate the new consumption of C and Z. calculate the \"substitution effect\" and the \"income effect" in the change of consumption of Coke

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