I was reading this question here to understand the geomteric interpretation of OLS solution. I have seen this before, and I understand it: given that I take for granted that the minima can be interpreted as contour plots.
My question is how exactly I can relate the contour plots to this question. Why do we draw different contours for the objective and the penalty? If I can understand that, I can easily make a leap to why the intersection reveals the minimum (but any help with that would be greatly appreaciated as well).