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Question 1 A utility function is given by u ( x 1, x 2) = min{2 x 1, 5 x 2}. (a) Graph the indifference

Question 1 A utility function is given by u(x1, x2) = min{2x1, 5x2}.

(a) Graph the indifference curves through the following points: (10, 4), (20, 20), and (32, 12).

(b) Now suppose that prices are p1 = 2, p2 = 1, and that income is I = 36. Graph the budget line and determine the optimal choice graphically.

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