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  3. 2 18 points for each of the following situations draw...

Question: 2 18 points for each of the following situations draw...

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2) (18 points) For each of the following situations, draw the consumers budget constraint and indicate the consumers optimal bundle on the budget constraint. Make sure your graph is accurate and clearly labeled. a) U(X,Y)-X14Y34. The consumer has $24 to spend and the prices of the goods are Px S2 and Py S3. Note that the MUx-(1/4)X-3*Y34 and the MUy (3/4)X14Y-14.b) U(X,Y)-MIN(5X,Y). The consumer has S24 to spend and the prices of the goods are Px S3 and Pyc) U(X,Y)-2X + 3Y. The consumer has S20 to spend and the prices of the goods are Px- $2 and Py S4.

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