Answer_Key_Homework_3

Answer_Key_Homework_3 - Econ 302 Homework#3 McLeod Due in...

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Econ 302 Homework #3 McLeod Due in class Monday, March 1st. Name ______________________________________________________ ID # ________________________________________________________ Instructions: Please Read Carefully Please print out this form. There should be four separate sheets of paper (including the cover sheet). After you have written your answers, please staple the four sheets together at the top left-hand corner. The first sheet is intended only as a cover sheet. Do not write anything on the first sheet except your name and ID #. Please answer each question on the page provided. If you need extra space, you may use the back of the sheet. There are 50 possible points on this homework assignment. You may work together, but you MUST WRITE UP YOUR OWN WORK and TURN IT IN, IN PERSON, AT THE BEGINNING OF CLASS on Monday, March 1st. Late homework will not be accepted. PLEASE STAPLE YOUR HOMEWORK!!
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1. (20 points) Suppose a consumer has preferences given by the utility function U(X,Y) = MIN[X,3Y]. Suppose P X = 1 and P Y = 2. Draw the Income Consumption Curve for this consumer for income values M = 100, M = 200, and M = 300. Your graph should accurately
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