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{"ops":[{"insert":"John\u2019s utility function is given by the following equation \n\ud835\udc48(\ud835\udc65, \ud835\udc66) = min(2\ud835\udc65, 5\ud835\udc66), \nwhere x is the unit of good X consumed, and y is the unit of good Y consumed. John\u2019s budget is $140, price of good X (\ud835\udc43\ud835\udc4b) is $3, and price of good Y (\ud835\udc43\ud835\udc4c) is $10. Show all the steps, with definition of every new notation used in the steps. \na) What is John\u2019s optimal consumption (\ud835\udc65 \u2217 , \ud835\udc66 \u2217 )? Graph the optimal consumption along with appropriate budget line and indifference curve. \n b) If \ud835\udc43\ud835\udc4b decreases from $3 to $2, what is the new optimal consumption (\ud835\udc65\ud835\udc39, \ud835\udc66\ud835\udc39)? Graph the new optimal consumption along with appropriate budget line and indifference curve on part a)\u2019s graph. \n\n"}]}
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