Raj consumes wine and face masks. His utility function is U(w,m) = min{vw,m}, where w and m are non-negative numbers. 3.1 Carefully draw a diagram showing three of Raj's indifference curves corresponding to utility levels U=1, U=3, and U=5. Your diagram should have wine on the horizontal axis and face masks on the vertical axis. 3.2 If the price of masks is $10 and the price of wine is $3 per liter and if Raj is consuming 4 liters, of wine, how many masks is he consuming?

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Raj consumes wine and face masks. His utility function is U(w,m) = min{vw,m}, where w and m are non-negative numbers.

3.1 Carefully draw a diagram showing three of Raj's indifference curves corresponding to utility levels U=1, U=3, and U=5. Your diagram should have wine on the horizontal axis and face masks on the vertical axis.
3.2 If the price of masks is $10 and the price of wine is $3 per liter and if Raj is consuming 4 liters, of wine, how many masks is he consuming?

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