Consider a consumer with the following preferences and budget constraint:
Preferences: U(X,Y)=min(3x,4y)
Budget: $500, px=$2, py=$1
(a) graph the budget constraint and some of the consumer's indifference curves on a graph. Be sure to cleary label the axes, slopes and intercepts.
(b) solve for the consumer's optimal consumption bundle. Indicate the consumers's optimal consumption bundle in the graph above.