(a) Suppose we have preferences U(X, Y) = min [X, 3Y]. Graph/sketch the indifference curvethrough the bundle (X = 30, Y = 30). What is the utility of (30, 30) and explain why theindifference curves look the way they do.(b) What does the Marginal Rate of Substitution tell us about preferences? <(c) Why is the Marginal Rate of Substitution not applicable in this example? <(d) What do we mean by a composite good? What does this composite good look like with thesepreferences? Show and explain.<(e) State the consumer's maximization problem and express this in words.<(f) Now let Px = 10, Px= 20 and income M = 2000. Find optimal X*, Y*, and the resulting Utility(U*). Show your work. <(g) Now let Py = 15. How does optimal consumption (X*.Y*) and utility (U*) change relative to(e)? Explain in simple terms and show in a diagram.<

Here we are given the utility function which is a function of 2 goods X & Y. And we are also…

(a) Suppose we have preferences U(X, Y) = min [X, 3Y]. Graph/sketch the indifference curve through the bundle (X=30, Y = 30). What is the utility of (30, 30) and explain why the indifference curves look the way they do. (b) What does the Marginal Rate of Substitution tell us about preferences? < (c) Why is the Marginal Rate of Substitution not applicable in this example? <