(a) If your utility is represented by u(x,y) =min(x+2y,2x+y);what do you indifference curves look like?
(b) Given your answer in (a), obtain the MRS (marginal rates ofsubstitution).
(c) Suppose the prices of x and y are px = $3 and py = $1 andyou have 100 dollars. What would you choose?
(d) If px decreases to $1; what would you choose?
(e) Use the Slutsky decomposition to decompose the total priceeffect into the substitution effect and income effect when pxdecreases from $3 to $1
