1. (14 total points) Suppose a consumer has a utility functiongiven by U(X,Y)= MIN(X, 3Y). The consu ...

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1. (14 total points) Suppose a consumer has a utility functiongiven 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 forthe following prices for Good X: Px = $1, Px = $2, Px = $3. Foreach set of prices, make sure to accurately draw each budgetconstraint, and also identify the consumer's optimal bundle oneach 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 curvefor Good X. Make sure to identify three points on the demandcurve. Make sure your graph is neat, accurate, scaled properly, andfully labeled to receive full credit.