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. Suppose utility is given by the following function: u(x, y) = min(2x, 3y) Suppose Px...

. Suppose utility is given by the following function:

u(x, y) = min(2x, 3y) Suppose Px = 4, Py = 6, and m = 24.

Use this information to answer the following questions:

(a) What is the no-waste condition for this individual?

(b) Draw a map of indifference curves for these preferences. Be sure to label your axes, include the no-waste line, and draw at least three indifference curves.

(c) Given prices and income, what is the utility-maximizing bundle of x and y?

(d) Suppose that these goods can not be purchased in fractional amounts. If income increased by $6, could this consumer increase their utility? Why or why not?

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