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Question: ec 301 homework 1 spring 2019 d 10 points use...

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EC 301 Homework 1 Spring 2019 (d) (10 points) Use the optimal ratio equation from part (c) along with budget con- straint to solve for this consumers demand functions, X and YEC 301 Homework 1 Spring 2019 2. (25 points) Consider a consumer who uses one unit of good X for every two units of good Y. Hence, this consumer has the following utility function: U(x, Y) minf2x,Y). (a) (5 points) State the type of preferences this consumer has for goods X and Y. perfect complem en+s (b) (5 points) Write down the equation that describes the relationship between this consumers consumption of X and Y (in class we called this the optimal ratio). (c) (5 points) Draw an indifferense ourve for this consumer that is clearly labeled. Y-1 Page 3

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