Problem 1: Suppose your utility function is given by u(x1, x2) = min {3x1, 5x2 } . What is your demand function for x2 ?

Problem 2: Ashley is a jet-setter. She loves to travel. In order to maximize her utility, she sets aside a certain amount of her income per month to spend on her travels - namely, money to purchase her round-trip plane ticket. The rest of her "fun-pot" of income is spent on meals at restaurants. The table below describes Ashley's preferred consumption given her income and the price of these goods.

Price of Quantity of Price of plane restaurant Quantity of restaurant tickets meals plane tickets meals Budget $100 $100 co $1500 $120 $100 5 $1500 $150 $100 $1500 $200 $100 2 11 $1500