1. (14 total points) Suppose a consumer has a utility function

given by U(X,Y)= MIN(X, 3Y). The consumer has $60 to spend

(M = $60). The Price of Good Y is Py = $1.

a) (10 points) Draw the consumer's Price Consumption Curve for

the following prices for Good X: Px = $1, Px = $2, Px = $3. For

each set of prices, make sure to accurately draw each budget

constraint, and also identify the consumer's optimal bundle on

each budget constraint. Make sure your graph is neat, accurate,

scaled properly, and fully labeled to receive full credit.

b) (4 points) Using a graph, sketch the consumer's demand curve

for Good X. Make sure to identify three points on the demand

curve. Make sure your graph is neat, accurate, scaled properly, and

fully labeled to receive full credit.