A. Larry likes apples and bananas. His preferences are monotonic and non-convex. Graph an indifference curve. Shade the preferred set. Are his preferences well behaved? explain B. Lizzy's utility is given by U=min(3X,4Y). If Px=Px=1 and m=70, show her optimal consumption on the graph (budget line and indifference curve). C. Mary considers Rice to be a Giffen good. The graph below shows her optimal bundle last year. This year the price of rice increased. Represent Mary's new budget line and new optimal bundle chicken 4 2 2 4 6 8 Rice

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